OREANDA-NEWS. January 29, 2007. The National Depository Center (NDC), Russia’s only settlement depository servicing the full range of Russian securities, announced today that a general meeting of NDC members was held on 24 Jan. to discuss NDC’s participation in an extraordinary general meeting of shareholders in Depository Clearing Company CJSC (DCC). In particular DCC shareholders are scheduled to discuss the parameters surrounding DCC’s additional share issue and the new version of DCC’s charter and its implications for the powers of DCC’s Board of Directors.

NDC members decided to accept the terms and order of DCC’s additional share issue placement which provides an issue of 40 million of common shares with RUR20 nominal value and to endorse the new version of DCC’s charter which provides for the inclusion of the following matters into Board of Directors’s competence:
Approval of the company’s investments (including approval of a budget for the company’s investments) for sums exceeding 10% of the company’s book value according to its latest accounting report but not less than RUR100 million. Company investments are defined to include investments into its capital assets, software, non-material assets including costs for the construction of new buildings, expansion, reconstruction and technical modernization of the company, purchase of new machines, equipment and tools, design and exploration work and other expenditures including long term investments (for more than 12 months) in shares of other companies, purchase of property and property rights;
Approval of transactions including a number of interrelated transactions connected with the purchase of or the possible alienation of property valued at a minimum of 10% of the company’s book value according to its latest accounting report but not less than RUR100 million.

The new version of DCC’s charter also provides that decisions on the above-cited issues require a three-quarters vote of all board members.