RTI Acquires 36.411% of Sitronics Shares
OREANDA-NEWS. June 15, 2012. JSC SITRONICS (“SITRONICS” or the “Company”) (LSE: SITR), the leading provider of telecommunications, IT and microelectronic solutions in Russia and the CIS, announces that, pursuant to its Voluntary Tender Offer, OJSC RTI (“RTI”) completed and fully paid for the acquisition of 3,476,219,122 of the Company’s ordinary shares, including shares underlying the Company’s Depositary Receipts, comprising approximately 36.411% of Company’s share capital. RTI’s Voluntary Tender Offer to acquire up to 36.926% of SITRONICS’ ordinary shares from minority shareholders was received by the Company on March 13, 2012, and expired on May 22, 2012.
This brings RTI’s total ownership stake in SITRONICS to 99.485% of SITRONICS’ share capital.
Further, RTI intends to initiate shortly a statutory squeeze-out procedure under Russian law to acquire the remaining 0.515% of SITRONICS’ ordinary shares.
RTI also intends to discuss with SITRONICS the start of delisting procedures with respect to the SITRONICS' shares and Depositary Receipts from the Russian stock exchanges and the London Stock Exchange, respectively. Further information on the squeeze-out procedures and the delisting will be announced in due course.