OREANDA-NEWS. On 13 January 2009 was announced, that on 31 December, 2008, Interdistrict Inspection No.17 of the Federal Tax Service of Russia, Irkutsk Region, registered Irkutsk Electric Networks open joint-stock company. Spinning-off of JSC Irkutsk Electric Networks from JSC Irkutskenergo is the final stage of the Company's restructuring, the decision on which was made on 5 September, 2008, at an extraordinary general meeting of JSC Irkutskenergo shareholders. Under the decision of JSC Irkutskenergo shareholders, the authorised capital of JSC Irkutsk Electric Networks in the amount of 21,212,294,265 roubles was formed from the property of JSC Irkutskenergo and the 100% share of JSC Irkutskenergo in the authorised capital of Irkutsk Grid Company, ltd. Due to transfer of the share in the authorised capital of IGC, ltd from JSC Irkutskenergo to spun-off JSC Irkutsk Electric Networks Company, the management of IGC, ltd from 31 December, 2008, will be executed by the new participant - JSC Irkutsk Electric Networks.

On the basis of their rights provided by the joint-stock legislation the shareholders who did not take part in the voting or voted against restructuring of JSC Irkutskenergo in the form of spinning-off of a new company presented for repayment 161.79m shares at a total sum of RUR 3.1bn; the repayment price equalled RUR 19.06 per share. The repayment of shares is planned to finish before 31 January, 2009.

The first stage of restructuring of JSC Irkutskenergo according to the requirements of the legislation on the electric power industry restructuring was executed in 2006 and was completed with establishment on the basis of five grid branches of JSC Irkutskenergo of a subsidiary dependent company - JSC Irkutsk Grid Company, ltd (IGC, ltd).