Shareholders of Russian energy company RAO UES have resolved at an extraordinary general meeting to spin off two generation companies, WGC-5 and TGC-5.
The decision was taken at the company’s EGM held through absentee voting on December 6, 2006. During the first phase of a two-phase operation, which will take place in 2006-2007, WGC-5 and TGC-5 will be given independent status.
These companies have been selected primarily because they have completed building their target corporate structure and are ready to start independent operation. It is expected that WGC-5 and TGC-5 will be separated from RAO UES in Q3-Q4 2007.
The new shares in OAO WGC-5 Holding and OAO TGC-5 Holding will be distributed among the shareholders in RAO UES in the following ratios:
For each ordinary share in RAO UES held, shareholders will receive 0.41 of an ordinary share in OAO WGC-5 and 13.59 ordinary shares in OAO TGC-5.
For each preferred share in RAO UES held, shareholders will receive 0.37 of an ordinary share in OAO WGC-5 and 12.45 ordinary shares in OAO TGC-5.