OREANDA-NEWS. October 07, 2010. Far East Telecom (RTS: ESPK, МICEX: DLSV, OTC USA: FEEOY, Frankfurt and Berlin exchanges: D7A) has completed its buyback of shares from minority shareholders that voted at the annual general shareholders meeting on June 28, 2010 against the reorganization of the company as a merger with Rostelecom or those which failed to vote on this issue.

Share buyback demands were submitted to the Company by its shareholders based on a written application until August 12, inclusive.

The share buyback price determined by the Board of Directors of the Company was:

RUR 91.81 (ninety one rubles, 81 kopecks) per one common share;

RUR 91.81 (ninety one rubles, 81 kopecks) per one preferred share. 

The deadline for payout of funds under the share buyback was September 13, 2010.

In accordance with the Report on the Results of Share Buyback Demands Made by Shareholders, which was approved by decision of the Board of Directors of Far East Telecom (Minutes No. 4 dated August 18, 2010), 616,493 common shares and 8,571,119 preferred shares were subject to buyback.

The total amount allocated to the share buyback amounted to RUR 844,480,498.92.