OREANDA-NEWS. November 21, 2007. Recommendations to the general meeting of shareholders of IDGC of the North-West were developed.

The Board of Directors of IDGC of the North-West at the meeting of November 2, 2007 recommended the general meeting of shareholders of IDGC of the North-West to make a decision on joining of distribution network companies to IDGC of the North-West and to approve the contract for the joining.

The Board of Directors of the management company recommended the meeting of shareholders approval of additional issue of securities in the amount of 95 687 000 000 ordinary registered shares for a total sum of 9 568 700 000 rubles with a view of converting the shares of RGC in the shares of IDGC during the reorganization.

Besides, in case of non-alignment of one or several RGC to IDGC of the North-West, the Board of Directors of IDGC of the North-West made a decision to recommend the general meeting of shareholders carrying out floatation of additional shares of the company by the closed subscription with the purpose of exchange of shares of RGC (the general meetings of which did not took the decision on reorganization) belonging to RAO UES of Russia, for the shares of IDGC.

The limiting amount of additional issue in this case is defined in the amount of 5 294 659 290 rubles 80 kopecks, or 52 946 592 908 shares.

Besides, the price of the additional ordinary shares of IDGC was determined, which were placed by means of the closed subscription in the amount of 0.18521 rubles for one additional share of IDGC of the North-West.

On October 26, 2007 within the limits of reforming the distribution network complex, the Board of Directors of RAO UES of Russia approved key indicators of formation of JSC IDGC of the North-West, and also indices of converting the shares of RGC in additional shares of JSC IDGC of the North-West.

According to this decision, the following is converted into one ordinary share of JSC IDGC of the North-West:

18 521/95 911 of the ordinary share of JSC Arkhenergo;
18 521/87 835 of the preferred class A share of JSC Arkhenergo;
18 521/24 932 387 of the ordinary share of JSC Vologdaenergo; 18 521/57 033 of the ordinary share of JSPC Komienergo;
18 521/52 231 of the preferred share of JSPC Komienergo;
18 521/268 758 of the ordinary share of JSC Karelenergo;
18 521/394 400 of the ordinary share of JSC Kolenergo;
18 521/361 192 of the preferred class A share of JSC Kolenergo;
18 521/874 757 of the ordinary share of JSC Novgorodenergo;
18 521/801 102 of the preferred class A share of JSC Novgorodenergo;
18 521/2 176 473 of the ordinary share of JSC Pskovenergo.