OREANDA-NEWS  On 08 December was announced, that Irkutskenergo Company prolonged the term of the repayment of the shares of the spun-off JSC "Irkutsk Electric Networks" company for 72 days - till 31 January. The repayment of the shares is prolonged within the limits of the additional agreements to the resolution of the extraordinary shareholders meeting of Irkutskenergo concluded by shareholders. According to the information clarified in the company, the term of the shares repayment is prolonged for technical reasons. An agreement on repayment of shares till 31 January 2009 was sent out to the Company shareholders, whose shares were not redeemed till 19 November 2008; the agreement confirmed that the obligations will be executed in full.

According to the information disclosed earlier, the Irkutskenergo shareholders approved the company reorganization in the form of a spin-off of JSC "Irkutsk Electric Networks" at the extraordinary general shareholder meeting on 5 September. The authorized capital of the JSC "Irkutsk Electric Networks" company will be generated due to the Irkutskenergo’s property. The authorized capital of the company will equal RUR 21.2 billion and divided into 4,766,807,700 ordinary shares at the RUR 4.45 par value each. Placement of the shares of the company established as a result of a spin-off is carried out by their distributions among Irkutskenergo shareholders as of the date of registration of JSC "Irkutsk Electric Networks". The repayment of the shares is carried out at the price of RUR 19.06 per a share. It was supposed that the procedure of the spinning-off will last for 3-3.5 months, and not later than 1 January 2009 two independent companies will operate, namely JSC Irkutskenergo which will carry out functions of the wholesale generating company, and JSC "Irkutsk Electric Networks" which will incorporate all transmission and distribution networks. Subsequently, there is a probability of a spin-off of distribution networks into a separate company. The transmission networks should be transferred to be managed by the Federal Grid Company, however while the mechanism of this transfer has not been registered in legislative documents yet.