02.08.2007, 18:24
TGC-4 BoD Approves EGM Agenda
OREANDA-NEWS. August 2, 2007. The TGC-4 Board of Directors approved the agenda of the TGC-4 Extraordinary General Meeting of Shareholders scheduled for August 31, 2007. Shareholders will vote on an increase in the TGC-4 authorized capital through the placement of additional registered ordinary shares. In addition, shareholders will determine the quantity, par value, category (type) of TGC-4 authorized shares, and the rights attaching to these shares and decide on amendments to the Company's Articles of Association in connection with changes in the provisions relating to authorized shares.
The July 30, 2007, meeting of the TGC-4 Board of Directors recommended to the Company's Extraordinary General Meeting of Shareholders that the decision be made to increase the TGC-4 authorized capital through the placement of 586 billion additional registered ordinary shares, each with a par value of 1 kopeck, (authorized shares) with the total par value of 5,860 million rubles. Earlier, the July 27, 2007, meeting of the Board of Directors of RAO UES of Russia approved an increase in the amount of financing for TGC-4 investment projects from 13 billion rubles to 18 billion rubles, using proceeds from the placement of additional shares (it is planned that the maximum quantity of shares to be placed will be increased from 518.81 billion to 586 billion ordinary shares, each with a par value of 0.01 rubles).
The additional registered ordinary shares will be placed by way of a public offering. Payments will be made by bank transfer in cash in Russian rubles. The increase in the TGC-4 authorized capital through the placement of additional registered ordinary shares aims to raise funds of up to 18 billion rubles in order to implement the TGC-4 five-year investment program. The increase in the additional issue of shares is due to an adjustment in the TGC-4 investment program. The investment program was supplemented with the Lipetskaya CHPP-2 rehabilitation and expansion project specifying the installation of 2GTU-160 gas turbine units and a waste heat boiler (WHB). Besides, the costs of the rehabilitation projects for Livenskaya CHPP, Kursk-based Northwest Boiler Plant, and Voronezhskaya CHPP-2 rose owing to the optimization of design solutions aiming at achieving the maximum efficiency of the projects.
The July 30, 2007, meeting of the TGC-4 Board of Directors recommended to the Company's Extraordinary General Meeting of Shareholders that the decision be made to increase the TGC-4 authorized capital through the placement of 586 billion additional registered ordinary shares, each with a par value of 1 kopeck, (authorized shares) with the total par value of 5,860 million rubles. Earlier, the July 27, 2007, meeting of the Board of Directors of RAO UES of Russia approved an increase in the amount of financing for TGC-4 investment projects from 13 billion rubles to 18 billion rubles, using proceeds from the placement of additional shares (it is planned that the maximum quantity of shares to be placed will be increased from 518.81 billion to 586 billion ordinary shares, each with a par value of 0.01 rubles).
The additional registered ordinary shares will be placed by way of a public offering. Payments will be made by bank transfer in cash in Russian rubles. The increase in the TGC-4 authorized capital through the placement of additional registered ordinary shares aims to raise funds of up to 18 billion rubles in order to implement the TGC-4 five-year investment program. The increase in the additional issue of shares is due to an adjustment in the TGC-4 investment program. The investment program was supplemented with the Lipetskaya CHPP-2 rehabilitation and expansion project specifying the installation of 2GTU-160 gas turbine units and a waste heat boiler (WHB). Besides, the costs of the rehabilitation projects for Livenskaya CHPP, Kursk-based Northwest Boiler Plant, and Voronezhskaya CHPP-2 rose owing to the optimization of design solutions aiming at achieving the maximum efficiency of the projects.
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