Results of the Board of Directors on August 16, 2013
19 Agosto 2013 - 2:50AM
OTC Markets
Results of
the Board of Directors on August 16,
2013
JSC RusHydro (ticker symbol: MICEX-RTS, LSE: HYDR;
OTCQX: RSHYY) announces that the Company's Board of Directors held
a meeting in absentia on August 16, 2013.
***
The Board of Directors approved combining positions by
members of RusHydro's management board in governance bodies of
other organizations.
***
The Board of Directors approved participation of
RusHydro in CJSC Holding company BoGES and CJSC Holding company
BoAZ through creation of these companies.
The companies will be wholly-owned by RusHydro. The
share capital of each company will amount to RUR 500,000; total
number of shares to be placed is 500,000 with par value of RUR 1
per share. The share capital will be paid in cash.
The creation of new RusHydro?s subsidiaries is aimed
to execute the President?s decree to transfer the companies
involved into implementation of BEMO project under jurisdiction of
the Russian Federation.
RusHydro and UC RUSAL currently own on an equal basis
joint ventures registered in Cyprus: BALP Limited, a sole
shareholder of CJSC BoAZ, and BOGES Limited, a sole shareholder of
JSC Boguchanskaya HPP.
***
The Board of Directors approved termination of
RusHydro?s participation in RusSUNHydro Limited due to voluntary
liquidation of the company and commissioned RusHydro?s
representatives in the management bodies of RusSUNHydro Limited to
vote for the decisions related to its liquidation.
RusSUNHydro Limited was established in 2007 by
HydroOGK and SUN Group in Nicosia, Cyprus, in order to control the
construction and operate hydropower plants in India, Nepal and
Bhutan. The company conducted feasibility studies on hydropower
potential of India, Nepal and Bhutan with total installed capacity
of 87 GW. Management of RusSUNHydro Limited considered potential
investments in different projects in India, but the company did not
participate in any of them, as these projects didn?t comply with
its investment policy. At the moment the company stopped its
operations. Shareholders preliminary decided to put the company
into liquidation due to its economic inefficiency.
About
RusHydro:
RusHydro Group is one of Russia?s
largest generating companies. RusHydro is the leading producer of
renewable energy in Russia with over 70 generating facilities in
Russia and abroad. The company also manages a number of R&D,
engineering and electricity retail companies. Group?s thermal
assets are operated by subsidiary ? RAO Energy System of East in
the Far East of Russia. Total electricity generation capacity of
the Group is 36.5 GW, heat capacity ? 16.2 thousand
GCal/h.
Russian Federation owns 65.9% in
RusHydro, the rest is held by other institutional and individual
shareholders (over 360,000). The company?s stock is traded on the
MICEX and RTS stock exchanges, and included in MSCI EM ? MSCI
Russia indexes. Company?s GDRs in the IOB section of LSE, ADRs ? in
OTCQX.
For more
information:
JSC RusHydro,
Investor Relations Department
Tel. +7 (495)
225-3232 ext. 1319, 1607
ir@rushydro.ru
DISCLAIMER
The information in this press release may contain
projections or other forward-looking statements regarding future
events or the future financial performance of RusHydro. One 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 and rapid technological
and market changes in our industries, as well as many other risks
specifically related to RusHydro and its
operations.
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