28 Dec 2011 07:25
Results of Pre-Emptive Purchase of Newly Issued Shares
Moscow, 28 December 2011 - Federal Grid Company of Unified Energy System ("Federal Grid Company" or the "Company") (MICEX-RTS, LSE: FEES), the operator and manager of Russia's unified electricity transmission grid system, today announces the results of the pre-emptive purchase by existing shareholders of the Company's newly-issued shares.
At the close of the pre-emptive purchase period on 20 December 2011, a total of 4,438,498,226 of the newly-issued shares had been purchased by shareholders that had exercised the right to purchase new shares proportional to existing holdings. Federal Grid Company plans to issue a total of 10,321,601,853 new shares with a nominal value of RUR 0.5 for a total amount of RUR 5.2 bln. The remaining 5,883,103,627 shares will be placed publicly on the market.
The proceeds from this placement will be used for financing the Company's existing investment programme.
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About Federal Grid Company
Federal Grid Company is the operator and manager of Russia's unified electricity transmission grid system. With over 121,000 km of transmission lines and over 311 thousand MVA of installed transformer capacity, it is the largest publicly traded electricity transmission company in the world. The Company's business is to provide transmission and connection services to the Russian wholesale electricity market. It maintains and develops the electrical grid system and supervises grid facilities and infrastructure in the 73 regions of Russia where it operates. Federal Grid Company's customers are regional distribution companies, retail electricity suppliers and large industrial enterprises. The Company operates in an exclusive, competition free environment, and is regulated by the Government of the Russian Federation. The Company's revenue is mainly driven by the transmission tariff set by the Regulator, the Federal Tariff Service. From 1 January 2010 a new RAB (Regulatory Asset Base) tariff framework, designed to stimulate investment and operating efficiency, was introduced. The Company was incorporated in 2002 as part of the reorganization of Russia's electrical power industry. The Russian Government is the largest shareholder with a 79.48% stake.
Federal Grid's common shares are listed on the MICEX-RTS stock exchange under the ticker FEES. The Company's GDRs are listed on the London Stock Exchange and traded under the symbol FEES.
Further information can be found at www.federal-grid.com
FEES.L (FEES)