OREANDA-NEWS. August 18, 2010. A meeting of the Board of Directors of North-West Telecom was held, at which the Report on the Results of Shares Presented by Shareholders for Buyback was approved (hereinafter, the Report). 

On June 21, 2010 the annual general shareholders meeting of VolgaTelecom adopted a decision to reorganize the Company as a merger between VolgaTelecom and Rostelecom.  As a result, the shareholders/owners of the voting shares that cast shares against this decision or which failed to take part in the voting received the right to demand the Company to buy back all or part of the shares which they own.

Shareholders’ applications for the Company to buy back the shares they own were accepted from the date on which the annual general shareholders’ meeting was held until August 5, 2010 inclusive. 

In accordance with the Report which was approved by the Board of Directors, the total amount of funds allocated for share buyback amounts to RUR 2,460,013 or 8.77% of the value of VolgaTelecom’s net assets.

The total number of shares outstanding issued by the Company is equal to 25,420,110, including 3,450,000 shares, and 21,978,733 preferred shares.

Shares are to be bought back by the Company according to the Report approved by the Board of Directors at the price of RUR 96.74 per one common and one preferred share.  Payment for shares bought back is to be made by September 6, 2010.