OREANDA-NEWS. April 04, 2014. Joint Stock Company "United Aircraft Corporation" (MOEX: UNAC) announces that extraordinary general meetings of shareholders (hereinafter – EGM) of Corporation’s subsidiaries JSC "Tupolev" and JSC "KAZAN AVIATION PRODUCTION ASSOCIATION named after S.P. GORBUNOV” (hereinafter – JSC KAPA) approved the agreement for acquisition of JSC KAPA by JSC “Tupolev” and the transfer deed for transferring of JSC KAPA’s rights and obligations to JSC "Tupolev".

Within the framework of the agreement the EGM of JSC "Tupolev" also approved an additional share issue. Placement of new shares will be effected by converting shares of JSC KAPA into new shares of JSC "Tupolev". The amount of approved issue is 15 bln shares with a par value of 1 ruble. Conversion ratio is set at 0.00545527 shares of JSC KAPA for one additional share of JSC "Tupolev".

The buy-out price for shareholders demands (in compliance with Russian legislation) is set at 0.55 rubles per share.

Reorganization of subsidiaries is being effected within the framework of building the target corporate structure in Special Aircraft Division. The main priorities of JSC "Tupolev" after the reorganization are:

manufacture of aircraft based on Tu-204/214 family for commercial and state customers;

modernization and overhaul services of strategic bombers: Tu-160, Tu-22M3 and Tu-95MS;

implementation of prospective aviation complex long-range aircraft project (PAK DA).

"Within the framework of creation of the strategic and special aircraft division the reorganization should improve the efficiency of interaction between R&D and production assets of the Corporation. As the result the Corporation will have the ability to successfully fulfill tasks in this business segment set by government customers", said Vice-President for Economics and Finance (CFO) of JSC "UAC" Vladimir Chirikov.
 
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