Acron (Veliky Novgorod) has completed the reorganisation through accession of its wholly-owned subsidiary CJSC Granit.
On May 23, 2012, a record on Granit’s winding up in the form of reorganisation through accession to Acron was entered into the Uniform State Register of Legal Entities, and on May 24, 2012, amendments to Acron’s constituent documents, associated with reducing its authorised capital through redemption of Acron’s common shares previously held by Granit, were registered.
As a result of the reorganisation, Acron’s shareholder register was amended to reflect the reduction of Acron’s authorised capital by 15% to RUB 202,670,000 from RUB 238,438,000 by reducing the total number of Acron’s outstanding shares to 40,534,000 from 47,687,600.
Acron has acquired the rights to Granit’s 24.26% stake in Dorogobuzh by way of universal succession, bringing Acron’s interest in Dorogobuzh to 85.94%.
Acron’s Board of Directors Chair Alexander Popov commented:
“We are glad to announce the completion of a long process aimed at terminating cross shareholding between Acron Group’s entities. Now the Group’s structure is straightforward and clearer to investors. As a result of the quasi treasury share redemption, the value of this stake was distributed among all shareholders, their shares increased pro rata, and the number of free floating shares reached 14.5% of the authorised capital. We are convinced that this corporate action helps improve the Acron’s investment appeal and creates conditions for long-term capitalisation growth.”