OREANDA-NEWS. August 16, 2010. The meeting of VolgaTelecom’s Board of directors was held at which the Board approved the Report on the results of VolgaTelecom’s shareholders submission of the requests to repurchase the Company’s shares owned by them (hereinafter - Report). 

On June 21, 2010 annual general meeting of VolgaTelecom’s shareholders passed the resolution of the Company’s reorganization in the form of affiliation to OJSC Rostelecom. As a result, shareholders-owners of VolgaTelecom’s voting shares who voted against this resolution or did not take part in the voting on this issue got the right to require from the Company to repurchase all or a part of shares owned by them.

The requests of shareholders of the Company’s repurchase of shares owned by them were accepted since the date of holding annual general meeting of shareholders till August 05, 2010 inclusive. 

In accordance with the Report approved by the Board of directors the total funds allocated for shares repurchase amount to RUB 2, 460, 013, 000 or 8.77% of VolgaTelecom’s net assets value.

Total number of the Company’s shares to be repurchased – 25, 429, 119 shares, of which ordinary stock – 3, 450, 386 shares and preferred stock – 21, 978, 733 shares.

Presented shares will be repurchased by the Company in the quantity as per the Report approved by the Board of directors at the price of RUB 96.74 per one ordinary and one preferred share. The payment of repurchased shares will be made till September 06, 2010.