1 Sep 2011 07:09
Results of the Board of Directors Meeting
JSC RusHydro (ticker symbol: RTS, MICEX, LSE: HYDR; OTCQX: RSHYY) announces the results of the Board of directors meeting held in absentee voting on August 30, 2011.
The Board of Directors made a decision to place domestic bonds of series 03, 04, 05 and 06 with the total par value of RUR 10 bln each.
In accordance with the requirements of Federal Law "On Joint Stock Companies" the Board of Directors approved the nominal offering value of a single bond in the amount of RUR 1,000 with maturity on the 3,640th day from the commencement date of bond offering with a possibility of early redemption at bearers' request or Issuer's discretion.
Bonds are offered by entering into purchase/sale transactions at the bond offering price during trade sessions carried out by MICEX Stock Exchange. Other terms of bond offering are contained in the Decision on issue of securities.
The Board of Directors approved the decisions to issue bonds of series 03, 04, 05, 06 and the bond prospectus.
***
The Board of Directors approved raising RUR 40 bln, in order to implement the company's business expansion strategy by purchasing energy assets.
Decisions regarding an instrument of loan raising, loan maturity and other essential terms will be made prior to raising the debt.
***
The Board of Directors approved overlapping the following positions by the Chairman of RusHydro's Management Board Evgeny Dod:
- member of the Board of Directors of JSC SO UES;
- member of the Board of Directors of JSC ATS;
***
The Board of Directors defined the fee amount to be paid for auditor's services - JSC HLB Vneshaudit for auditing the company's accounting and financial statements in accordance with the Russian accounting standards for 2011.
Earlier the AGM of RusHydro approved JSC HLB Vneshaudit as an auditor of RusHydro to audit the company's accounting and financial statements in accordance with the Russian accounting standards for 2011.
***
The Board of Directors defined the maximum cost of accounting audit services for JSC RusHydro's accounting and financial statements in accordance with the Russian accounting standards for 2012.
The cost of auditor's services has been calculated by multiplying the maximum cost of similar services rendered in the previous year and approved by the decision of the Board of Directors of RusHydro by the industrial producer price index that was recommended by the Federal Tariff Service of Russia.
For more information:
JSC RusHydro, Investor Relations Department
Tel. +7 (495) 225-3232 ext. 1319, 1394, 1607
ir@rushydro.ru
The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to RusHydro and its operations.