Articles & publications
11.08.2010
NWT and UTK estimate dissenting shareholdersComNews
Elena Kudryashova
Two regional telecommunications operators of Svyazinvest holding – Southern Telecommunications Company and North-West Telecom – are expected to allocate RUR 386 mln and RUR 1.1 bln, respectively, to buy back shares from minority shareholders which do not agree with the reorganization of the holding.
This news was reported by the press service of UTK and NWT. The reports on the results of shares presented for buyback by shareholders were approved by the boards of directors of these RTOs.
One week ago, the board of directors of Sibirtelecom also approved the amount of payments to be made to dissenting shareholders (see ComNews article dated August 2, 2010). For this purpose, RUR 1.5 bln was allocated.
The shareholders of UTK, which are opposed to the reorganization, presented shares worth RUR 88.016 mln for buyback. Of this amount, in accordance with the law “On joint stock companies” the company is to buy back 19.797 mln common shares and 66.99 mln preferred shares, which works out to 0.67% and 6.88% of the total amounts, respectively. In accordance with the terms and conditions of the reorganization, one share is estimated at RUR 4.45. All in all, the company intends to spend RUR 386 on the buyback, or 2.1% of the total value of the company’s net assets.
“Shares will be bought back from shareholders in full, i.e. as presented for buyback. Payment for shares repurchased is to be made in cash by September 1, 2010”, UTK’s press service went on to say.
UTK held its annual general shareholders meeting on July 16. All in all, shareholders with a total of 79.94% of the voting shares cast votes on the merger issue. Of this number, 98.6% voted in favor of the merger (see ComNews article dated June 17, 2010).
NWT is expected to buy back 52.419 mln shares from dissenting minorities (4.6% of the charter capital), including 5.437 mln common shares and 46.981 preferred shares. The total amount of payouts will amount to RUR 1.1 bln, or 3.1% of the value of NTW’s net assets. One of the company’s shares is estimated to be worth RUR 21.01. Payment is to be made by September 2.
“The insignificant volume of shares presented for buyback by NWT points to the high level of rust investors have in the ongoing restructuring process of Svyazinvest holding and the positive assessment of the market outlook for shares of merged operator”, according to deputy general director for corporate issues Ella Tomilina.
All in all, 68.19% of the company’s shareholders voted on the merger issue, of which 91.11% cast an affirmative vote.
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