JSC RusHydro 92XY Results of the EGM

  JSC RusHydro (92XY) - Results of the EGM

RNS Number : 4098R
JSC RusHydro
19 November 2012

November 19^th, 2012

   Results of the Extraordinary General Meeting of shareholders of RusHydro

JSC RusHydro announces the  results of the  Extraordinary General Meeting  of 
Shareholders (EGM) of RusHydro held in absentia on November 16, 2012.

Key highlights:

- EGM approved the issuance and placement of up to 110 bn new shares to the
EGM on November 16, 2012;

- Shares of the new issues can be paid in cash and non-cash assets;

- Pricing parameters to be approved after independent appraisal;

- EGM approved  amending guarantee agreement  for Boguchanskaya  hydropower 
project with Vnesheconombank.

The EGM approved the  increase of the  share capital of  RusHydro by means  of 
issuance and placement through open subscription of 110,000,000,000 additional
ordinary shares with a par value of RUR  1. The shares can be paid by cash  or 
non-cash assets.  Among the  non-cash assets  that  can be  used as  means  of 
payment are ordinary shares of the following companies:

- JSC Ust'-Srednekanskaya HPP;

- JSC RAO Energy Systems of the East;

- JSC Sakhalin energy company;

- JSC Irkutsk electronetwork company;

- JSC Irkutskenergo.

The valuation of these  shares for placement purposes  will be determined  and 
approved by the Board of Directors after independent appraisal.

The price  of placement  of new  shares is  subject to  a Board  of  Directors 
approval after independent appraisal but prior to the start of the placement.

The placement aims to raise budget  funds to finance the modernization of  the 
generating assets in the Far East.


The EGM approved amendments to the  guarantee agreement signed by RusHydro  in 
favor of the State Corporation Vnesheconombank (VEB), in respect of a RUR 28.1
bn loan issued  by the  latter to JSC  Boguchanskaya HPP.  The transaction  is 
qualified as interested-party, and  therefore subject to  vote by the  general 
meeting of shareholders. The  amendments are made  to accommodate delays  with 
commissioning of the  Boguchanskaya hydropower  plant and  beginning of  power 
sales under electricity  and capacity  agreements from the  plant. The  delays 
were the  result  of force  majeure  factors, that  could  not be  managed  by 
investors of  the  project  (RusHydro and  RUSAL)[1].  The  amended  guarantee 
agreement provides for the start of power sales under electricity and capacity
agreements from first three hydro-units of Boguchanskaya (a total of 1,000 MW)
no later than March 1, 2013, as well as stipulates other conditions which  may 
prompt the execution by RusHydro of its obligations.

JSC  Boguchanskaya  HPP,  JSC   Boguchansky  aluminium  smelter  signed   loan 
agreements with VEB providing  project financing for  3 GW hydropower  project 
and aluminium  smelter (the  Boguchansky  metals and  energy complex)  in  the 
Krasnoyarsk region. In  August 2011, RusHydro  signed guarantee agreement  for 
Boguchanskaya HPP in favour of the VEB  for the total amount of loan  facility 
of RUR  28.1  bn including  accrued  interest  and penalties  under  the  loan 

For more information:

JSC RusHydro, Investor Relations Department

Tel. +7 (495) 225-3232 ext. 1319, 1394, 1607



The information  in  this  press  release may  contain  projections  or  other 
forward-looking statements  regarding future  events or  the future  financial 
performance of RusHydro. One can identify forward-looking statements by  terms 
such as  "expect,"  "believe,"  "anticipate,"  "estimate,"  "intend,"  "will," 
"could," "may"  or  "might," the  negative  of  such terms  or  other  similar 
expressions. We wish to caution you that these statements are only predictions
and that actual events or results may differ materially from these statements.

We  do  not  intend  to  update   these  statements  to  reflect  events   and 
circumstances occurring after the date hereof or to reflect the occurrence  of 
unanticipated events. Many factors  could cause the  actual results to  differ 
materially  from  those  contained  in  our  projections  or   forward-looking 
statements,  including,  among  others,   general  economic  conditions,   our 
competitive environment, risks associated with  operating in Russia and  rapid 
technological and market  changes in  our industries,  as well  as many  other 
risks specifically related to RusHydro and its operations.

                     This information is provided by RNS
           The company news service from the London Stock Exchange


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