VolgaTelecom BoD Introduced Amendments and Modifications
OREANDA-NEWS. By its decision OJSC VolgaTelecom Board of directors has introduced amendments and modifications to Dividend Policy Regulations. Thus, the Regulations were brought into line with the Company’s Charter.
As it was reported earlier the annual general meeting of OJSC VolgaTelecom shareholders of June 22, 2007 introduced modifications to the Company’s Charter items relating to the procedure of distribution and payment of dividends, which has been stated in the amendments and modifications adopted by the Board of directors. In particular, it was decided to pay dividends on preferred shares not later than 60 days since the day of passing the resolution on dividends payment.
The time period of VolgaTelecom’s ordinary shares dividends payment based on the results of 2006 fiscal year in accordance with the resolution of shareholders’ general meeting of June 22, 2007 was reduced by 1,5 month vs. the previous periods and was set before November 1, 2007. Currently, 75% of actually budgeted ordinary shares dividends have been paid out. As regards the Company’s preferred shares dividends, at October beginning - 95% of liabilities were performed.
According to the resolution of OJSC VolgaTelecom shareholders’ general meeting RUR 633 401 556,68 will be allocated for dividends payment based on the results of 2006 fiscal year. The size of preferred shares dividends – RUR 2,9928 per a share; ordinary shares dividends – RUR 1,5776 per a share.
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