OREANDA-NEWS. On 06 June 2008 was announced, that VolgaTelecom held an annual meeting of the Board of Directors on May 16, 2008 with the agenda including a number of issues related to the company’s annual general shareholders’ meeting. The board earlier set the date and venue of the AGM as June 24, 2004 in Nizhny Novgorod.

The Board of Directors of VolgaTelecom preliminarily approved the Company’s 2007 annual financial statement and recommended that the shareholders of the company approve the annual statement, the annual accounting reports, including the Company’s profit and loss statement.  The reports of the Company’s auditor and auditing committee were reviewed following an audit of the 2007 annual accounting reports.

The Board of Directors adopted a decision to recommend that the annual general shareholders’ meeting:

- to allocate the Company’s 2007 profit as follows:

Dividend payment – Rub 857,361,779.89 including: 

          • on class A preferred shares for a total of Rub 4.0534 per share;

          • on common shares for a total of Rub 2.1346 per share;

to raise the Company’s shareholder capital by Rub 2,465,745,894.11.

- and to determine the procedure for paying out dividends to individuals on record and eligible to receive dividend payments:

by wiring payments to bank accounts;

by bank transfer;

by postal money orders;

by payment at the Company’s cash desks.

In addition, the Board of Directors approved the agenda of the annual general shareholders’ meeting:

1. Approval of the annual financial statement, accounting reports, including the profit and loss statement (profit and loss accounts) of the Company and profit allocation (including dividend payment) and the losses incurred by the Company in fiscal 2007. 

2. Election of the board of directors of the company.

3. Election of members of the Audit Committee of the Company.

4. Approval of the new edition of the Charter of Open Joint Stock Company VolgaTelecom.

5. Approval of the new edition of the Statute on the Board of Directors of Open Joint Stock Company VolgaTelecom.

6. Approval of the new edition of the Statute on the Audit Committee of Open Joint Stock Company VolgaTelecom.

7. Approval of the Company’s 2008 auditor.

8. Approval of the statutory provisions (percentage) for calculating the annual remuneration for members of the Company’s Board of Directors.