OREANDA-NEWS. On July 16-17, 2007 the meeting of JSC “IDGC of Center and North Caucasus” and 11 regional grid companies (JSC “Belgorodenergo”, JSC “Bryanskenergo”, JSC “Voronezhenergo”, JSC “Kostromaenergo”, JSC “Kurskenergo”, JSC “Lipetskenergo”, JSC “Orelenergo”, JSC ‘Tambovenergo”, JSC “Smolenskenergo”,  JSC “Tverenergo”, JSC “Yarenergo”) Board of Directors, at which the Company and RGC priority activity was named as IDGC and RGC restructuring in the form of RGC takeover to IDGC, as well as,  the restructuring schedule of JSC “IDGC of Center” and RGC was approved, including points of references of the restructuring process, was held, reported the press-centre of JSC “IDGC of Center and North Caucasus”.

The EGSM of JSC “IDGC of Center and North Caucasus” should take place on 18.07.2007, at which the decision on changing the JSC “IDGC of Center” Company name should be discussed.

The approval of the schedule – the first stage of JSC “IDGC of Center and North Caucasus” restructuring process in the form of RGCs takeover.  The schedule consists of the main restructuring points of reference. According to the approved schedule, the property inventory of rights and obligations of IDGC and RGC should be completed by 31.08.2007 as of 30.06.2007.

The extraordinary general meeting of shareholders of IDGC and RGC on the restructuring process is planned to be held not later than 28.01.2008; the registration of the shareholder pre-emption right of IDGC, to which the RGC shares are planned to be converted while taking over process is planned to be finished not later than 20.03.2008; and, finally, the record on discontinuation of activities should be added to USRLE not later than 01.04.2008. After taking over the RGC to IDGC it is planned that IDGC will introduce the documents for state registration of shareholder pre-emption right 9the report should be registered in FFMS not later than 06.05.2008) and will undertake the necessary action to introduce the IDGC shares to the security market, which should be finished by 15.07.2008.