Federal Grid Company (FEES) - Board of Directors Approves New Share Issue
RNS Number : 7649R
JSC Fed Grid Co of Unified Engy Sys
22 November 2012
Federal Grid Board of Directors Approves New Share Issue
Federal Grid Company of Unified Energy System ("Federal Grid" or the
"Company", Moscow Exchange, LSE: FEES), the operator and manager of Russia's
unified electricity transmission grid system, announces that its Board of
Directors has approved an additional share issue of 8,164,069,983 ordinary
shares with a nominal value of RUB 0.50 per share for a total sum of RUB
4,082,034,991.5. The planned new share issue represents 0.65% of the
Company's current authorised capital.
In accordance with the Government of the Russian Federation's 2012 budget, the
Government will purchase RUB 3,247,305.2 thousand of the Company's newly
issued shares. The rest of the issue will be offered publicly on the market.
Existing shareholders will have a pre-emptive right to acquire the newly
issued stock proportional to their existing holdings in the Company. The list
of shareholders having pre-emptive rights will be determined based on the
shareholder register as of 19 November 2012.
The placement price will be determinedin accordance with the Russian
Federation Law on Joint Stock Companies by the Board of Directors, at a price
not lower than the nominal value of the newly-issued shares.
The proceeds from the placement will be used to fund Federal Grid's investment
programme. The Board of Directors approved the new share issue on 19 November
Investors / Analysts
Federal Grid IR team Work Mobile
Alexander Duzhinov +7 (495) 710 9064 +7 (916) 041 8053
Nadezda Sukhova +7 (495) 710 9541
Egor Toropov +7 (495) 710 9333 ext. 2275
Vladimir Baklanov +7 (495) 710 9333 ext. 2926
Tom Blackwell +7 (495) 663 8009 +7 (919) 102 9064
Sam VanDerlip +44 20 7920 2356 +44 7554 993 032
About Federal Grid Company
Federal Grid Company is the operator and manager of Russia's unified
electricity transmission grid system, including high voltage transmission
lines, and holds the status of a natural monopoly.
The Company's assets include more than 124,000 km of transmission lines and
854 substations with more than 322 GVA of 35-750 volt transformer capacity.
Based on the length of transmission lines and installed transformer capacity,
Federal Grid is the largest publicly traded electricity transmission company
in the world.
Federal Grid's business is to provide electricity transmission and
technological connection services. It maintains and develops the grid system
and supervises grid facilities and infrastructure in 73 Russian regions,
covering a territory of 13.6 million square kilometres. Its customers are
regional distribution companies, electricity suppliers and large industrial
Since January 1^st 2010, Federal Grid has operated under a 5-year regulatory
asset base (RAB) model.
The Company was incorporated in June 2002 as part of the reorganization of
Russia's electrical power industry. The largest shareholder, with a 79.55%
stake, is the Russian Federation Government.
Federal Grid Company's ordinary shares are listed on the MICEX-RTS stock
exchange under the ticker symbol FEES and the Company's GDRs are traded on the
London Stock Exchange under the same FEES ticker symbol. The Company's shares
are included in the MSCI Emerging Markets and MSCI Russia indices.
In 2011 the Company's IFRS revenue was RUB 139,571 million (up 23% compared to
2010), adjusted EBITDA was RUB 83,760 million (a 24% increase from 2010), and
adjusted net profit was RUB 38,241 million (up 37% on 2010).
Further information can be found atwww.federal-grid.com
This information is provided by RNS
The company news service from the London Stock Exchange
IOEFEMSWEFESEFF -0- Nov/22/2012 07:25 GMT
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