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Articles & publications
17.05.2010
Boards of directors give go-ahead to merger processComNews
Meetings of the board of directors were held at Rostelecom, CenterTelecom, Far East Telecom, Sibirtelecom, VolgaTelecom, NWT, UTK and also Dagsvyzinform which passed resolutions to place on the agenda of annual general shareholders meetings the issue of the reorganization of these companies as a merger with Rostelecom.
This issue also includes a review of the merger agreement which contains the ratios for converting the shares of each company into the shares of Rostelecom. In addition, the boards approved the price at which the shares of each company are to be bought back from shareholders which are opposed to the merger with Rostelecom.
As noted at the end of the meetings by the director general of Svyazinvest Evgeny Yurchenko, the board members passed a resolution to support the merger with Rostelecom after a careful and comprehensive analysis of the relevant materials.
The annual general shareholders meetings are to be held according to the following schedule: Sibirtelecom – June 5; UTK - June 16; Dagsvyzinform – June 17; North-West Telecom – June 19; VolgaTelecom – June 21; Uralsvyazinform – June 23; CenterTelecom – June 25; Rostelecom – June 26; Far East Telecom – June 28.
The ratios at which RTOs are to be swapped for the common shares of Rostelecom and the buyback price of RTOs:
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Name of company slated for merger
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Number of common nominal uncertified shares of the merging company to be converted into one common nominal uncertified share of Rostelecom
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Number of preferred nominal uncertified shares of the merging company to be converted into one common nominal uncertified share of Rostelecom
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Buyback price of shares from shareholders opposed to the merger with Rostelecom per one common and one preferred share
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CenterTelecom
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3.867
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4.920
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22.30
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Sibirtelecom
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46.537
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59.374
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1.85
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Far East Telecom
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0.939
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1.195
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91.81
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VolgaTelecom
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0.891
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1.134
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96.74
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North-West Telecom
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4.102
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5.220
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21.01
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Uralsvyazinform
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87.341
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111.602
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0.98
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Southern Telecommunications Company
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19.378
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24.648
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4.45
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Dagsvyzinform
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1.795
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2.284
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44.11
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