Kurganenergo directors recommend minority holders accept STS Corp. offer
KURGAN. Dec 28 (Interfax) - The board of directors at OJSC Kurganenergo has recommended that minority company shareholders accept the offer by LLC STS Corporation (majority holder) to buy up company stock, materials produced by the power company say.
The board's view is that the price offered in the compulsory offer - 34.78 rubles per ordinary and preferred share - is attractive.
The materials also say that in its proposal STS Corporation announces planned measures aimed at increasing the company's operating efficiency. The board of directors views STS Corporation's plans as regards Kurganenergo and its workers in a positive light.
STS Corporation made the minority shareholders a mandatory offer for their ordinary and preferred Kurganenergo shares. Share par value is 1 ruble.
Kurganenergo was notified of the offer on December 25.
The offer concerns 2,540,833 ordinary and 525,860 preferred shares. So, the purchase of this stock at 34.78 rubles per share could cost the corporation 106,661,300 rubles.
Kurganenergo's share capital is split into 160,995,834 shares with par value of one ruble, including 146,602,782 ordinary and 14,393,520 preferred shares.
This November, STS Corporation became the owner of 82.244% of the company's ordinary stock (78.268% of share capital). IDGC Holding transferred Kurganenergo stock to STS Corporation in a swap for Lenenergo shares that belonged to the corporation, with an additional payment by the corporation of 800 million rubles.
This past August, Russia's Federal Antimonopoly Service (FAS) approved the corporation's request for permission to acquire 100% of the voting stock in Kurganenergo.
Aside from STS Corporation, Regional Energy Development Fund holds 19.82% of the power company's stock, LLC Management Consulting 1.001%, and private individuals 0.9%.
Kurganenergo transmits electricity via 0.4-110 kV distribution grids stretching over more than 27,000 kilometers. The company has three branches - the Kurgan, Western, and Shadrinsky power grids.
The company's ordinary and preferred shares trade on the main Moscow exchange trading sector. The price on the last deal with the former on December 26 was 34 rubles per, and with the latter on December 17 - 8.44 rubles.
STS Corporation provides electricity and thermal energy. It manages OJSC EnergoKurgan in Kurgan Region, OJSC Suenko in Tyumen Region and OJSC Gorelektroset in the Khanty-Mansiysk Autonomous District. It is headquartered in Tyumen.
