The Board of Directors of JSC IDGC Holding decided on August 16, 2010, to amend the Decision on the Additional Securities Issue and the Securities Prospectus of JSC IDGC Holding, extending the deadline for submitting offers to acquire the additional issue of IDGC Holding’s ordinary shares.
The amendments approved by the Board of Directors specify that the new deadline for offers is November 26, 2010. The original version of the issue-related documents sets a deadline of August 18, 2010.
Due to this decision, the placement of IDGC Holding’s securities has been suspended until the amended version is registered with the Federal Financial Markets Service of the Russian Federation.
The exercise of the preemptive right resulted in a considerable number of the additionally issued shares in IDGC Holding (about 45%) being unplaced.
IDGC Holding expects that the extended deadline for offers will enable more investors to take part in the share issue process and will consequently raise the proceeds of the share placement.
Among other things, the possibilities are investigated of obtaining additional federal budget funds in 2010 to finance the construction of Raspadskaya electricity supply networks.
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