OREANDA-NEWS. July 07, 2010. The first Annual General Meeting of Company shareholders was held in Khabarovsk

OJSC Far East Telecom shareholders passed the resolution for Company reorganization in the form of consolidation with OJSC Rostelecom.

The reorganization issue was discussed by shareholders having in aggregate 73.7410% of voting (ordinary and preferred) shares. 85.0542% of shareholders voted for the reorganization.

OJSC Far East Telecom Annual General Meeting also passed the resolution for Open Joint Stock Company Sakhatelecom reorganization in the form of consolidation with Company and approved the consolidation agreement between OJSC Far East Telecom and OJSC Sakhatelecom.

Resolutions on the other issues were made by shareholders having in aggregate more than 85.5021% of voting (ordinary) shares.

Annual General Meeting of Shareholders approved the submitted Annual Report, Annual Accounting Statements including Company Loss and Profit Report, and Company profit (including dividend payment) for the financial year 2009. According to the Resolution of the Meeting OJSC Far East Telecom will distribute profit at the conclusion of financial year 2009 as follows:

- 213,594,244.77 rubles for dividend payment on preferred shares,

- 325,712,808.34 rubles for dividend payment on ordinary shares, and

- 1,632,170,132.89 rubles for gains in equity.

Dividends amounted to 3.4077 rubles per ordinary share and 6.8528 rubles per preferred share respectively.

The new Board of Directors of OJSC Far East Telecom was elected numbering 11 persons as follows:

· Yurchenko Evgeniy Valeryevich;

· Kobishchanov Mikhail Yuryevich;

· Shevchuk Alexandr Viktorovich;

· Afanasyev Denis Nikolaevich;

· Feoktistova Natalia Vadimovna;

· Kulikov Denis Viktorovich;

· Kritskiy Mikhail Ivanovich;

· Umnova Elena Vladimirovna;

· Gurkin Vyacheslav Fedorovich;

· Lokotkov Aleksey Alekseevich;

· Statyin Vladimir Anatolyevich.

Company Revision Commission was elected numbering 5 persons as follows:

· Zubova Tatiana Yuryevna;

· Kozyreva Elena Vasilyevna;

· Koroleva Olga Grigoryevna;

· Kosarev Sergey Ninelevich;

· Punina Ekaterina Aleksandrovna.

The Annual Meeting approved restated Articles of Association and Board of Directors Charter of OJSC Far East Telecom.

JSC KPMG was approved as OJSC Far East Telecom external auditor for 2010.

Deduction rates were approved for the calculation of Board of Directors annual fee in the amount of 0.39% of Company EBITDA according to accounting financial statements in conformity with IFRS for 2010, and 0.78% of the Company net profit allocated for dividend payment at the conclusion of 2010.

The Annual Meeting decided to pay annual fee to members of Company Board of Directors for the financial achievements of 2009, and determined the fee payment procedure.

All the proceedings of Annual General Meeting of Shareholders of OJSC Far East Telecom held on June 28th 2010 are available in Investor and Shareholder Center section of the Company corporate website. Official information subsequent to the results of AGM will be announced upon preparation of the meeting minutes in accordance with Cl. 63 of Federal Law “On joint stock companies”.

Upon completion of the Annual General Meeting of Shareholders the Newly Elected Board of Directors held its first meeting where Evgeniy Yurchenko was elected Chairman of the Board.