The Board of Directors of OJSC “Power Machines” has unanimously determined the price of placement of additional shares of the Company.
The price of placement of one ordinary registered non-documentary share of the additional issue will be 4.69 rubles, including for the persons, having the preemptive right to purchase the shares being placed. In case of placement of all of the shares of the issue at the price determined by the Board of Directors the total amount received for the shares will be equal to 6,997,480,000 rubles which is equivalent to 274.4 million US dollars (in accordance with the rate of exchange of the Bank of Russia as of July 26, 2007).
OJSC “Power Machines” is planning to use the funds obtained as a result of additional share issue for implementation of the investment program aimed at the technical upgrading and building new production facilities as well as at the development of the scientific and technical base of the Company.
The placement of securities commences on July 27, 2007. The date of the completion of placement will be the earliest of the following dates: (a) the tenth business day from the date of commencement of the placement; (б) the date of placement of the last share of the additional issue.
Earlier the Board of Directors of Power Machines adopted a resolution on the increase of the charter capital by way of placement of 1,492,000,000 additional ordinary registered non-documentary shares with the par value of 0.01 rubles each. The total par value of the shares being placed by open subscription is 14,920,000 rubles.
As at the date of this press release the charter capital of OJSC “Power Machines” is equal to 72,169,387.08 rubles (7,216,938,708 ordinary shares with the par value of 0.01 rubles each).