OREANDA-NEWS. On 19 June 2009 was announced, that VolgaTelecom held its annual general shareholders meeting in Nizhny Novgorod.

Shareholders approved the annual financial statement, the annual accounting reports, elected the Board of Directors and the Audit Committee, and also approved the new versions of the Charter and Statute of the Board of Directors of VolgaTelecom.  Additionally, shareholders supported the decision of the Board of Directors to terminate the Company’s participation in not-for-profit organization Teleinfo Volga Association of Telecommunications and Computer Science Engineers by withdrawing from this organization.

Shareholders adopted the decision to allocate the Company’s profit from the 2008 fiscal year as follows:

- to pay out dividends amounting to RUR 783,005,053, including:

RUR 3.600753 on class A preferred shares;

RUR 1.800235 on common shares;

- to raise the Company’s shareholder capital by RUR 2,214,014,270

The procedure was determined for paying out dividends to those on the list of people eligible to receive dividends, i.e. on record as of April 20, 2009, i.e.

- by payment to bank account;

- bypostalorder;

- paymenttheCompany’scashdesks.