Further to the approval received at the Company’s Board of directors on 22 January, 2007, Joint Stock Company “Open Investments” (“OPIN” or the “Company”), the Moscow-based real estate development and investment company, today announced the start of a pre-emptive rights period for newly issued shares.
On the 06 March 2007, the Federal Financial Market Service, the Russian regulator, registered an issue of new ordinary shares of the Company (registration number: 1-01-50020-A-004D) together with a statutory Russian prospectus. A total of 1,798,063 ordinary shares will be offered to investors via open subscription at a nominal price of 1,000 rubles each. The price of the offering will be determined by the Board of Directors upon expiry of the pre-emptive rights period.
According to Articles 40 and 41 of the Federal Law on Joint Stock Companies, shareholders are granted pre-emptive rights to purchase pro-rata to their existing shareholding in the Company as at 22 January 2007 – the record date for the Board of Directors where the decision to increase the charter capital of the Company by allocation of additional ordinary shares through an open subscription was approved. To exercise their pre-emptive rights, those eligible shareholders should submit a written application to the Company from 14 March to 13 April, 2007.