29 Dec 2009 07:30
RECOMMENDATIONS
of the Board of Directors of Open Joint-Stock Company Sistema-Hals
with regard to the Mandatory Offer received from VTB Bank (Open Joint-Stock Company) for purchase of securities of Open Joint-Stock Company Sistema-Hals
Dear shareholder,
You are hereby advised that on 28 December, 2009 Open Joint-Stock Company Sistema-Hals (hereinafter referred to as OJSC Sistema-Hals) received the Mandatory Offer from VTB Bank (Open Joint-Stock Company) for purchase of ordinary registered shares in OJSC "Sistema-Hals" in the number of 4,555,852 (Four million five hundred fifty five thousand eight hundred and fifty two) shares (state registration No. of the issue: 1-01-01017-N dated 27.05.2005), of 50 (Fifty) roubles nominal value each (hereinafter referred to as the "Mandatory Offer").
In accordance with paragraph 2. cl. 1 of article 84.3 of the Federal Law 208-FZ of 26.12.1995 "On Joint-Stock Companies" the Board of Directors of OJSC Sistema-Hals has considered the Mandatory Offer received by OJSC Sistema-Hals and has adopted the following recommendations (Minutes No. 75 of 25.12.2009):
1. The purchasing price offered in the Mandatory Offer (736 (seven hundred thirty six) roubles and 69 (sixty nine) kopecks for each ordinary registered share in Open Joint-Stock Company Sistema-Hals) meets the requirements of the Federal Law 208-FZ of 26.12.1995 "On Joint-Stock Companies" regarding the procedure for determining price of securities offered under a mandatory offer.
According to the valuation performed by the Board of Directors of OJSC Sistema-Hals the purchasing price offered in the Mandatory Offer is a fair price.
2. The Board of Directors of OJSC Sistema-Hals recommends the shareholders, when deciding on the acceptance of the Mandatory Offer, to take into account that the market value of shares in OJSC Sistema-Hals may change in the future within a wide range as it may be affected by multiple factors (some of them being beyond the control of OJSC Sistema-Hals, including change of performance of OJSC Sistema-Hals, variation in the amount of incomes, changes in overall economic environment, changes in legislation and other events and factors of market conditions).
3. No information is disclosed in the Mandatory Offer about the plans of VTB Bank (Open Joint-Stock Company) with regard to OJSC Sistema-Hals and/or its employees.
In view of the aforesaid, the Board of Directors of OJSC Sistema-Hals recommends the shareholders of OJSC Sistema-Hals to accept the Mandatory Offer of VTB Bank (Open Joint-Stock Company).
4. The date for drawing up the list of the securities holders to whom the Mandatory Offer is addressed shall be the date of receipt of the Mandatory Offer by OJSC Sistema-Hals, i.e. 28.12.2009.
5. The following documents shall be forwarded by registered mail to all persons specified in the Shareholders Register of OJSC Sistema-Hals as of 28.12.2009 (the date of receipt of the Mandatory Offer) by December 31, 2009:
1. A copy of the Mandatory Offer for purchase by VTB Bank (OJSC) of securities of OJSC Sistema Hals, dated December 11, 2009, received by Open Joint-Stock Company Sistema-Hals of December 28, 2009 on 12 pages;
2. Recommendations of the Board of Directors of Open Joint-Stock Company Sistema-Hals with regard to the Mandatory Offer received from VTB Bank (Open Joint-Stock Company) for purchase of securities of Open Joint-Stock Company Sistema-Hals on 2 sheets;
3. Instructions on procedure for accepting the Mandatory Offer for purchase of securities of Open Joint-Stock Company Sistema-Hals on 4 sheets;
4. Application Form on 1 sheet;
5. Form of the Instrument of Transfer on 1 sheet;
6. Form of the Questionnaire of Registered Person (for legal entities) on 1 sheet;
7. Form of the Questionnaire of Registered Person (for individuals) on 1 sheet;
8. Form of the Order for entering changes in personal ledger account information on registered person (for individuals) on 1 sheet.