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Articles & publications
29.03.2010
Svyazinvest terms information on swap ratios "unofficial"Interfax
Svyazinvest has issued an official statement concerning the status of information on the ratios of shares in regional telecom operators (RTOs) which are to be swapped for shares in Rostelecom (RTS: RTKM).
On Monday Kommersant reported that it had managed to learn the final share swap ratios pursuant to the reorganization of Svyazinvest, which were calculated by Ernst & Young. Rostelecom’s current stake in the merged company is 30.14%, the newspaper said. The stake of CenterTelecom (RTS: ESMO) stands at 16.23%, while that of Uralsvyazinform (RTS: URSI) is 13.98%, VolgaTelecom (RTS: NNSI), - 10.99%, Sibirtelecom (RTS: ENCO) 10.2%, North-West Telecom (RTS: SPTL) – 8.33%, UTK – 6.05% and Far East Telecom (RTS: ESPK) – 4.07%.
Svyazinvest declined to comment on this issue or the correctness of such information, but only pointed out that the information published on March 29, 2010 in Kommersant concerning the ratios for swapping the shares of regional telecommunications companies controlled by Svyazinvest into the shares of Rostelecom is not official.
The process of discussing the conversion ratios at the boards of directors of Svyazinvest’s subsidiaries is to begin at a board of directors meeting of Far East Telecom which is tentatively scheduled for April 26, and which will last until the middle of May. The merger agreement on folding one legal entity into another will be submitted to the board of directors and then to the shareholders meeting of each RTO. It will contain the ratios for swapping the common and preferred shares of RTOs for the common shares of Rostelecom.
The reorganization decisions should be approved by three quarters of the votes of those attending the shareholders meeting, including the holders of preferred shares (Svyazinvest’s stake in RTOs is 38%, including prefs).
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