OREANDA-NEWS. September 04, 2007. First phase of RAO "UES of Russia" Parent Company reorganization is completed: two first generation companies – WGC-5 and TGC-5 – have spun off from RAO "UES of Russia", reported the press-centre of FAS Russia.

Therefore WGC-5 and TGC-5 have become first private generation companies in Russia created during the electric power sector reformation. Before the spin-off both the companies successfully placed additional emissions of shares and attracted RUB12,28 billion and RUB11,63 billion respectively. Today the companies' total capitalization tops RUB170 billion.

Today RAO "UES of Russia" received from the Interdistrict Inspectorate No. 46 of the Federal Tax Service of Russia official documents certifying that 3 September 2007 is the date of a record in the Unified State Register of Legal Persons regarding the state registration of the interim spin-offs of RAO "UES of Russia" – OAO "WGC-5 Holding" and OAO "TGC-5 Holding" – with their simultaneous merger with and into OAO "WGC-5" and OAO "TGC-5", respectively.

RAO "UES of Russia" shareholders of record as at 18:00 hours Moscow time on 3 September 2007 will receive shares in OAO "TGC-5" and OAO "WGC-5" in addition to the Parent Company's shares held by them. The number of shares in RAO "UES of Russia" held by them as of that date will remain the same.

For each ordinary share in RAO "UES of Russia" held, shareholders will receive 0,41 of an ordinary share in OAO "WGC-5" and 13,59 ordinary shares in OAO "TGC-5" (rounded). For each preferred share in RAO "UES of Russia" held, shareholders will receive 0.37 of an ordinary share in OAO "WGC-5" and 12.45 ordinary shares in OAO "TGC-5" (rounded).

As agreed with the registrars, WGC-5 and TGC-5 shares will be placed to RAO "UES of Russia" shareholders' accounts not later than 7 September 2007. Transaction with WGC-5 and TGC-5 shares on the stock market can be started beginning with 10 September 2007.