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JSC SITRONICS (“SITRONICS” or “the Company”) (LSE: SITR), a leading provider of telecommunications, information technology and microelectronic solutions in Russia and the CIS, announces that its Board of Directors (“Board”) has set the date for an Extraordinary General Meeting of SITRONICS’ Shareholders (“EGM”) for November 18, 2011. The meeting will be held in the form of absentee voting.
Shareholders registered at the record date of October 5, 2011 will be eligible to participate and vote at the meeting.
The proposed agenda of the EGM includes the approval of the following interested party transactions:
- the Loan Agreement between SITRONICS and JSC RTI;
- the Surety Agreement between SITRONICS and the Bank of Moscow to provide SITRONICS’ surety on the Loan Agreement between JSC RTI and the Bank of Moscow.
The transactions will be concluded to refinance the Bank of Moscow’s loan worth US$230 mln with the maturity date of November 28, 2011 with the participation of JSC RTI.
The EGM will also approve a number of interested party transactions which may be made by the Company in the future.
The EGM materials will be available from October 19, 2011 on SITRONICS’ website at www.sitronics.com.
Moreover, the Board of Directors has approved a number of interested party transactions.