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Articles & publications
24.06.2010
Dagsvyazinform AGM rescheduled for July 26Interfax
The annual general shareholders meeting of Dagsvyazinform, which was to be held on June 17, but had to be called off because a quorum was not reached, has been rescheduled for July 26, according to a statement issued by the company.
The statement pointed out that the agenda was approved without any amendments.
According to earlier reports, the Board of Directors advised its shareholders at the annual general shareholders meeting to approve the reorganization of the company in the form of a merger with Rostelecom (RTS: RTKM).
The merger agreement contains the ratios that are to be used to swap the shares of Dagsvyazinform into those of Rostelecom. Under the terms of the agreement, 1.796 common shares of Dagsvyazinform are to be converted into one common share of Rostelecom, while 2.285 preferred shares are to be converted into one common share. The Board of Directors approved the price of shares which are to be bought back from minority shareholders which do not agree with the Rostelecom merger, as RUR 44.11 per common and preferred share.
The Board of Directors of Dagsvyazinform also advised shareholders to adopt a decision not to pay out dividends for 2009, while net profit amounting to RUR 549,000 should be allocated to raising shareholder capital.
Dagsvyazinform paid out RUR 0.00201 per common share on 2009 financial results, and RUR 0.01207 per preferred share with a par value of RUR 14.2. All in all, RUR 38,100 of dividend was paid out from net profit of RUR 254,000, while RUR 215,900 allocated to raise shareholder capital.
The agenda of the meeting also included such issues as the approval of the annual financial statement, the accounting balance sheet, electing the Board of Directors and the Audit Committee, and making amendments to the Charter and the Statute on the Board of Directors.
The subsidiaries of Svyazinvest are in the process of going through reorganization in the form of a merger with the holding’s largest subsidiary, Rostelecom, by way of a share swap. Dagsvyazinform is the incumbent local and intrazonal telecommunications operator in the Republic of Dagestan with market shares of 87.1% and 100%, respectively.
Dagsvyazinform’s largest shareholder is Svyazinvest, with a 38% share of the operator’s charter capital (50.66% of common shares).
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