JSC RusHydro (92XY) - Results of the EGM
RNS Number : 4098R
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.
- 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). 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
REGBLBFTMBMBMAT -0- Nov/19/2012 07:00 GMT
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