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Articles & publications
28.06.2010
CenterTelecom gives the go-ahead to the mergerConnews
The shareholders of CenterTelecom at the annual general shareholders meeting approved the reorganization of the company in the form of a merger with Rostelecom. Today the annual shareholders meeting of the last of Svyazinvest’s regional operators – Far East Telecom is scheduled to meet with the same agenda.
The annual meeting of CenterTelecom took place on June 25. All in all, 84.62% of the company’s shareholders voted on the merger issue, of which 99.11% cast favorable votes. Earlier, the shareholders of Sibirtelecom, Southern Telecommunications Company, North-West Telecom, VolgaTelecom and Uralsvyazinform voted for the merger with Rostelecom. The annual meeting of Dagsvyazinform, which also had the merger issue on the agenda, was called off because a quorum was not reached and the meeting was rescheduled (see ComNews article dated June 21, 2010).
In accordance with the terms of the reorganization, 3.867 common shares or 4.92 preferred shares of CenterTelecom are to be converted into one common share of the merged Rostelecom. Any shareholders that do not agree with the reorganization are eligible to present their securities for buyback at the price of RUR 22.3.
A resolution was also passed at the meeting to pay out 2009 dividends amounting to RUR 1.26 bln, which works out to RUR 0.96 per one preferred share and RUR 0.48 per one common share.
And finally, shareholders elected the lineup of the company’s new board of directors. Members elected to the board included the general director of Svyazinvest Evgeny Yurchenko, deputy general directors of Svyazinvest Alexei Lokotkov, Elena Umnova, Viktor Savchenko, first deputy general director of Svyazinvest Alexander Provotorov, division head of the department of corporate governance and legal support of Svyazinvest Oxana Petrova, head of the finance department of Svyazinvest Ilya Ponomarev, advisor to the general director of Svyazinvest Alexey Goltsov, executive director of the Investor Protection Association Denis Kulikov, deputy executive director of the Investor Protection Association Alexander Shevchuk, and head of the research department of the Moscow representative office of NCH Advisors, Inc. Nikolai Artyutynov. Evgeny Yurchenko was elected chairman of the board of directors, as is the case at other RTOs.
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