Vostok-Finance Limited (100% subsidiary of RAO ES East, PJSC) announces the conclusion of the procedure of receiving requests submitted under the terms of the voluntary tender offer. Minority shareholders comprising in aggregate 11.225% of RAO ES EAST, PJSC charter capital have submitted offers to sell ordinary and preferred shares. The overwhelming majority of taken part in the tender offer (11.01%) have chosen to exchange RAO ES East, PJSC ordinary and preferred shares into ordinary shares of PJSC RusHydro while only 0.22% of the charter capital is to be purchased by cash under the filed requests.
In accordance with the terms of the voluntary tender offer the shareholders were entitled to exchange RAO ES East, PJSC ordinary and preferred shares into ordinary shares of PJSC RusHydro at a price of RUB 0.5768 per share (calculated as a weighted average price for the past six months prior to tender offer announcement). The corresponding conversion ratios were: 0.6068 shares of PJSC RusHydro for 1 ordinary share of RAO ES East, PJSC and 0.3814 shares of PJSC RusHydro for 1 preferred share of RAO ES East, PJSC. The shareholders also could sell ordinary and preferred shares of RAO ES East, PJSC at RUB 0.35 and RUB 0.22 respectively.
The tender offer has been made pursuant to the approved long-term development plan of RusHydro Group aimed at increase in efficiency of the management of RAO Energy systems of the East holding.