RTI Launches a Statutory Squeeze-Out Procedure to Acquire 0.52% of SITRONICS Shares

JSC SITRONICS (“SITRONICS” or “the Company”) (LSE: SITR), the leading provider of telecommunications, information technology and microelectronic solutions in Russia and the CIS, announces that it has received today a squeeze-out notice (“SON“) from OJSC RTI (“RTI”) to acquire approximately 0.52% of SITRONICS ordinary shares from SITRONICS minority shareholders at a price of RUB 0.55 per share.

The SON is made for 49,139,078 SITRONICS shares, which are not owned by RTI as of the date of the SON, including shares underlying SITRONICS Depositary Receipts (“DRs”).

Under the terms of the SON, shareholders have the opportunity to provide RTI with their payment details, by August 13, 2012, by sending such payment details to OJSC REESTR OJSC at: 20, Bolshoi Balkansky Pereulok, Moscow 129090.

Register of SITRONICS shareholders for purposes of the squeeze-out shall be formed as of August 13, 2012. Payments for SITRONICS shares shall be made to those shareholders who provided their payment details within five days from this date. If bank account details have not been provided by a shareholder, RTI will deposit payment for such shares with a Russian notary, whose details are indicated in the SON.

Payment for the shares underlying SITRONICS DRs will be transferred to Deutsche Bank Trust Company Americas, the depositary with respect to the SITRONICS DR programmes (“Depositary”). In accordance with the Depositary Agreements and its procedures, the Depositary will convert the received ruble funds into foreign currency. Following the conversion, the Depositary will transfer funds to DR holders in foreign currency, net of any applicable fees, expenses or taxes. The payments will depend on the foreign currency exchange rate as of the date of receipt of respective funds by the Depositary in accordance with the SON.

SITRONICS shares will be transferred to RTI’s account at OJSC REESTR after RTI performs payments for respective SITRONICS shares.

Source: SITRONICS
TAGS: SITRONICS
CATEGORY: Press-Releases
 
 

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