OREANDA-NEWS. September 15, 2010. OJSC VolgaTelecom in full performed its obligations of repurchase of shares presented by the Company’s shareholders within the framework of current reorganization of OJSC VolgaTelecom in the form of affiliation to OJSC Rostelecom.

The shares were repurchased in accordance with the Report on the results of VolgaTelecom’s shareholders submission of the requests to repurchase the Company’s shares owned by them, the Report being approved by VolgaTelecom’s Board of directors (minutes No 5 of August 11, 2010).

The total number of shares repurchased by the Company accounted for 25, 429, 119 shares, which is 7.75% of VolgaTelecom’s share capital, of which:

- Ordinary stock – 3, 450, 386 shares,

- Preference stock – 21, 978, 733 shares.

Cash allocated for shares repurchase amounted to RUB 2, 460, 013, 000.

Presented shares were repurchased in full at RUB 96.74 per share. The payment for repurchased shares was made by cash in the form specified in shareholder’s request.

The resolution of VolgaTelecom’s reorganization in the form of affiliation to OJSC Rostelecom was passed by annual general meeting of the Company’s shareholders on June 21, 2010. Shareholders owning in aggregate 64.3394% of voting shares (ordinary and preference) took part in resolving the issue of the Company’s reorganization. 92.6786% of shareholders voted for the reorganization.