OREANDA-NEWS. On August 21, 2007 Konstantin Kotikov, Deputy General Director for Corporate Governance of JSC “IDGC of Center” reported about it, reported the press-centre of JSC “IDGC of the Center”.

“The conclusion of the DGC take over process to JSC “IDGC of Center” and single item issue is planned for the IInd quarter of 2008. Hitherto, the IDGC and DGC have to complete their organizational, juridical and corporate procedures.

In the IInd quarter of the current year the Russian Federation Government has to adopt the Order on DGC restructuring which will approve the IDGC new configuration, on which basis RAO “UES of Russia” will be able to convert DGC shares to IDGC ones. In IIIrd quarter of 2007 it is planned to held independent estimation to calculate the exchange coefficient of IDGC shares to IDGC shares while take over and single item issue. The estimation will be held as of June 30, 2007.

It is planned to carry out the meeting of the RAO “UES of Russia” Board of Directors’ Meeting in November-December of 2007 due to DGC and IDGC restructuring parameters, in the Ist quarter of  2008 – convening the Extraordinary Meeting of DGC and IDGC Shareholders on takeover of the regional grid companies and enlargement of IDGC authorized capital.

The IDGC additional issue and securities will be registered, as well as, the record in the Unified State Register of legal Entities on discontinuation of DGC activities due to takeover to interregional companies will be made, when shareholders adopt the decision on takeover of DGC to IDGC.

The registration of reports on additional shares securities issue results in FFMS is expected to be done in May of 2008”, - said Konstantin Kotikov.