OREANDA-NEWS. September 07, 2010. N.W.Telecom completely fulfilled its obligations to repurchase shares presented by the Company’s shareholders in the course of the ongoing reorganization of the Company in the form of merger by JSC Rostelecom.

The repurchase was effected in accordance with the report on the results of the shareholders’ applications for repurchase of shares owned thereby approved by the decision of the Board of Directors of North-West Telecom ( see the press release of August 10, 2010. )

In all, the following was presented for repurchase:
5,437,821 registered non-documentary ordinary shares to the total amount of 114,248,619 rubles 21 kopecks.
46,981,226 registered non-documentary preferred shares of Type “A” to the total amount of 987,075,558 rubles 26 kopecks.

The total number of shares repurchased by the Company is 52,419,047, which makes 4.6% of the Authorized Capital of N.W.Telecom to the amount of RUR1,101,324,000.

The presented shares were repurchased in full at the price of RUR21.01. The repurchased shares were paid for in cash, using the method indicated in the shareholder’s request. North-West Financial Company LLC was the payment agent in the stock repurchase. 

The resolution on the reorganization of N.W.Telecom in the form of merger by JSC Rostelecom was passed at the annual general meeting of JSC N.W.Telecom shareholders on June 19, 2010. The issue was passed by shareholders jointly owning 68.19% of the voting shares. 91.11% of the shareholders voted for the reorganization. Thus, shareholders owning 425,019,214 N.W.Telecom shares, which makes 33% of the Company’s Authorized Capital, were entitled to present their shares for repurchase. 52,419,047 shares were presented for repurchase, which makes 4.6% of the Authorized Capital of N.W.Telecom.