Pursuant to Clause 2, Article 72 of the Russian Federal law “On Joint Stock Companies,” Acron’s Board of Directors announced that the Company will purchase common registered uncertified shares of Acron with a nominal value of five (5) roubles each, whose total number shall not exceed 953,752 shares (2% of authorised capital).
The purchase price per share shall be set at RUB 910.39, which is the weighted average price for the shares in MICEX transactions over the past 12 months.
Chairman of Acron’s Board of Directors Alexander Popov comments on the resolution:
“As part of its corporate structure streamlining, Acron is announcing a voluntary buyback of shares, which is the first step to eliminate cross-shareholding between Acron and Dorogobuzh. Once Acron repurchases 2% of its shares, Dorogobuzh will sell the 2% of Acron shares that it currently holds. This will eliminate the cross-shareholding without affecting the number of free circulating shares or their liquidity.”
The shares shall be purchased from July 22, 2010 through October 11, 2010. Shareholders requests to purchase shares shall be accepted from July 22, 2010 through August 20, 2010. The purchase of shares (executing share purchase agreements and registering the transfer of share titles to the Company in its shareholder register) shall be effected between September 10, 2010 and October 11, 2010.
Detailed information on the buyback terms and conditions will be available at www.acron.ru on June 7, 2010.
Share purchase requests should be sent to the registrar, St. Petersburg Central Registration Company, MR-Centre branch:
• By post: 3a, Meretskova-Volosova Street, Veliky Novgorod, 173007, Russia
• In person: 11, Gzen Naberezhnaya, suites 403-404, Veliky Novgorod, Russia. Business hours: Monday to Friday, 9:30 am-5:00 pm (closed for lunch 1:00-2:00). Phone +7 (8162) 73-07-23.