Common Statement of WGC-5, Enel, and RAO "UES of Russia"
Moscow, 29 January 2008. OAO "WGC-5" reminds to its shareholders about
the expiration of validity period of offer submitted by one of its shareholders –
Italian corporation Enel. Before February 4th, 2008 all owners of WGC-5 shares interested
in acceptance of the offer should fill out and send duly signed documents of acceptance to
WGC-5's official register – OAO "Central Moscow Depositary"*.
The offer of WGC-5 securities purchase was submitted by Enel in accordance with the
effective Russian legislation. Thus, as it is stated in the Federal Law On Joint-Stock
Companies, a stockholder, becoming an owner of more than 30% of the stock has a right to
submit a non-mandatory offer for purchase of all outstanding ordinary shares at the
acquisition price of shares.
The price of Enel offer is RUB4.4275 per ordinary WGC-5 share. The price of the offer
is defined in accordance with the price of Enel's purchase in June 2007 of 25% holding of
WGC-5 stock, belonging to RAO "UES of Russia", per one share.
The General Director of WGC-5 Anatoly Bushin stressed that the Board of Directors of
WGC-5 held on November 19th 2007 had unanimously approved the price of the offer and
recommended shareholders to exercise their rights to sell the shares.
The Board of Directors of WGC-5 acknowledge the price of the offer as fare one. The
Chairman of the Board of Directors, Managing Director of RAO “UES of Russia” Eldar
Orudzhev pointed out that the price of the offer, suggested by Enel, reflects not only the
real cost of the company, but also allows its shareholders to receive a profit.
WGC-5 was spun off from RAO “UES of Russia” as a result of the first reorganization
of the Parent Company in September 2007. All the shareholders of RAO “UES of Russia”
became the shareholders of WGC-5.
RAO “UES of Russia” believe that WGC-5 will win due to the occurrence of the
supervising strategic shareholder like Enel, one of world leaders of the energy sector.
Enel repeatedly confirmed, that it supports implementation of the large-scale WGC-5
investment program, and the long-term experience of Enel in power assets management in
different countries will allow to increase the efficiency of the company due to
introduction of advanced administrative and industrial technologies.
As Anatoly Bushin says, the constitutive cooperation with Enel provides for stable
development of WGC-5 and contributes to the leading position of the generation company in
the Russian power sector.
* Acceptance forms for the interested shareholders and other relevant information
are placed on Enel and WGC-5 corporate web-sites: www.ogk-5.com и www.enel.com