OREANDA-NEWS. On 30 January 2008 OGK-5, Enel and RAO UES of Russia reminded OGK-5 shareholders about the expiration of the mandatory offer for the acquisition of the company’s shares declared by one of its shareholders – Italy’s Enel. All OGK-5 shareholders interested in selling shares in the framework of Enel offer must fill and send the corresponding document package to OGK-5’s official registrar, OAO Central Moscow Depositary, by February 4, 2008*.

The offer for the buyout of OGK-5 shares was declared by Enel in accordance with the Russian legislation in force. Thus, pursuant to the Federal Law “On Joint-Stock Companies”, a shareholder, which has come into possession of more than 30% of a company’s shares, has the right to declare a non-mandatory requirement for the repurchase of the company’s shares from other shareholders at the price such shareholder acquired the shares itself.

The price of the offer launched by Enel is 4.4275 roubles per each ordinary share of OGK-5. The price of the offer was determined by the price of the transaction for the purchase of a 25% stake of OGK-5 owned by RAO UES of Russia, by Enel in June 2007 as calculated per share.

Anatoly Bushin, CEO of OGK-5, noted that the meeting of the Board of Directors of OGK-5 on November 21, 2007 unanimously approved recommendations to the company’s shareholders as to the price of the mandatory offer and proposed to shareholders to make use of the offer.

Eldar Orudzhev, the Chairman of the Board of Directors of OGK-5 and the Executive Director of RAO UES of Russia, noted that the price of the offer proposed by Enel not only reflects the real value of the Company, but also allows its shareholders to benefit from it.

OGK-5 was spun off from RAO UES of Russia within the framework of the first reorganisation of the energy holding in September 2007. All RAO UES shareholders became holders of OGK-5 shares.

RAO UES believes that OGK-5 will benefit from having such controlling strategic shareholder as Enel, one of the world’s largest power utilities. Enel repeatedly confirmed that it supports the implementation of the extensive investment programme of OGK-5, while the long experience of Enel in the management of power facilities in different countries of the world will allow to increase the effectiveness of the company through the introduction of state-of-the-art management and production technologies.

As Anatoly Bushin says, constructive cooperation with Enel provides sustainable development of OGK-5 and contributes to the company’s maintaining the leading position in the Russian power sector.