Bashkirenergo shareholders move back vote on reorganization because of technical issues
MOSCOW. June 20 (Interfax) - OJSC Bashkirenergo has moved back its extraordinary shareholder meeting on the company's reorganization, which was slated to take place on Wednesday.
A source at OJSC Inter RAO UES , which owns a blocking packet in Bashkirenergo, told Interfax that the meeting had been cancelled because of a technical malfunction in the mailout of ballots, which would have led to mistakes in vote calculations for the meeting and put the decision's legitimacy in doubt. Therefore, the main shareholders in Bashkirenergo decided to change the timeframe of the extraordinary meeting. "The new date for the meeting on reorganization will be announced in due order," he said.
The source did not specify where this would be a rescheduling of the date or calling a new meeting.
It was earlier reported that Bashkirenergo's shareholders, at the extraordinary meeting (the register closed on April 3), were to vote on the reorganization of the company through its division into OJSC Bashkortostan Electricity Grid Company (BESK) and OJSC Bashenergoaktiv, as well as the reorganization of Bashenergoaktiv through its merger with Inter RAO.
It was earlier reported that Inter RAO and AFK Sistema signed an agreement for Bashkirenergo's reorganization through a non-proportional division into two companies - Bashenergoaktiv (generating assets) and OJSC Bashkortostan Electricity Grid Company. Inter RAO will receive over 75 %in the former company while Sistema will receive over 75% in the grid company. Inter RAO will purchase 40% in Bashkirenergo for up to 14 billion rubles from Sistema for this transaction.
Sistema is currently the controlling shareholder in the company. Inter RAO owns a blocking packet.
