TGC-5 Shareholders Approve the Company Reorganization
OREANDA-NEWS. At the EGM of OAO "TGC-5" held 19 April 2007, the shareholders approved the Company's reorganization through merger of OAO "TGC-5 Holding" with and into the Company and the Merger Agreement.
The meeting also approved the capital increase of OAO "TGC-5" through issuance of 1,000,000 additional ordinary shares, par value RUB0.01 each. These new shares will be exchanged for shares in OAO "TGC-5 Holding" in the process of the merger.
The conversion terms are set forth in the Agreement on the merger of OAO "TGC-5 Holding" with and into OAO "TGC-5".
OAO "TGC-5 Holding" is being merged with OAO "TGC-5" as part of the first phase of reorganization of RAO "UES of Russia", which will result in the the separation of two generation companies, OAO "TGC-5" and OAO "WGC-5", from RAO "UES of Russia".