OREANDA-NEWS. August 24, 2010. A meeting of the Board of Directors of the Company was held, at which the Report on the Results of Shares Presented by the Shareholders of CenterTelecom for Buyback was approved. 

On June 25, 2010 the annual general shareholders meeting of CenterTelecom adopted a decision to reorganize the Company as a merger between CenterTelecom and Rostelecom.  As a result, the shareholders/owners of the voting shares that cast shares against this decision or which failed to take part in the voting received the right to demand the Company to buy back all or part of the shares which they own.  Shareholders’ applications for the Company to buy back the shares they own were accepted from June 26 through August 9, 2010 inclusive. 

In accordance with the Report which was approved by the Board of Directors, the total amount of shares outstanding issued by CenterTelecom amount to 57,992,081, including 8,639,034 common shares and 49,353,047 type A preferred shares. The total amount of funds allocated for share buyback amounts to RUR 1,293,223,406.30, or 4.54% % of the value of CenterTelecom’s net assets as of March 31, 2010.

Common and preferred shares are to be bought back by the Company according to the Report approved by the Board of Directors at the price of RUR 22.30 per one share.  Payment for shares bought back is to be made in cash by September 8, 2010, inclusive.