OREANDA-NEWS. Pursuant to a decision by the Board of Directors of VolgaTelecom, amendments and additions have been made to the Statute on Dividend Policy. As a result, the Statute was brought in line with the Company Charter.

As reported earlier, VolgaTelecom’s annual general shareholders meeting, held on June 22, 2007, made additions and amendments to provisions in the Company Charter concerning the procedure for the accrual and payment of dividends, as reflected in the amendments that were approved by the Board of Directors.  In particular, a motion was passed to pay out dividends on preferred shares no later than 60 days from the date on which the decision is adopted to disburse dividends.

The term of payment for dividends on the results of the 2006 financial year on common shares of VolgaTelecom were reduced by 1.5 months in comparison with the preceding periods and established before November 1, 2007.  To date, 75% of the actually scheduled payments on common shares have been paid out. As for the company’s obligations to pay out dividends on preferred shares, according to data as of the beginning of October, the operator’s obligations had been 95% fulfilled.

In line with e decision adopted by a shareholders meeting of VolgaTelecom, based on the results of the 2006 financial year, Rub 633,401,556.68 was allocated for dividends.  The amount of dividends payable on preferred shares is Rub 2.9928 per share and Rub 1.5776 per common share.