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Articles & publications
10.06.2010
North-West Telecom to complete share buyback under Rostelecom merger by September 2Prime-TASS
North-West Telecom (SPTL) (NWT) plans before September 2 to complete a buyback of its shares from shareholders as part of the merger with Rostelecom (RTKM), the deputy general secretary for corporate relations of NWT Ella Tomilina said during an Internet conference.
According to Ms. Tomilina, the holdings of shareholders which do not agree with the reorganization procedure should be presented for buyback before August 3, 2010. The Board of Directors of NWT should before August 8 approve a report on the results of the shares to be presented for buyback. According to the plan, the conversion should be carried out by the end of February 2011. “The exact date of the conversion should be determined and announced at a later time, i.e. after all the necessary procedures have been executed by all parties to the merger process”, Ms. Tomilina pointed out.
As Prime-TASS reported earlier, North-West Telecom (NWT) as part of a merger with Rostelecom is to convert 4.102 common nominal shares in NWT into one common share of Rostelecom and 5.220 preferred shares of NWT one common share of Rostelecom. The annual general shareholders meeting of NWT on June 19 will examine, in particular, the issue of the reorganization of NWT as a merger with Rostelecom. The buyback price for NWT shares, which could be presented for buyback in the event that a decision is adopted to go ahead with the merger, is set at RUR 21.01 per one common and preferred share.
North-West Telecom is the largest fixed-line telecommunications operator in the North-Western part of Russia. NWT consists of 10 branches. The company is a provider of local and intrazonal telephony, datacom, Internet access, channel leasing, etc. The total number of lines in access on NWT’s telephone network stands in excess of 5 mln. The digitalization rate of the local voice network is 61.5%. The number of broadband Internet access lines is about 500,000 õDSL ports. The operator’s main shareholder is Svyazinvest, which owns 39.528% of the company’s charter capital (50.76% of its voting shares).
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