A new edition of specification of the contract on RAO EESR has been approved due to the holding reorganization
On June 22 FCSM of Russia registered changes and modifications in the Specifications of futures contracts on RAO UESR and "Mining and Metallurgical Company "Norilsk Nickel" common shares due to the possible company reorganization. The texts of the specifications can be found here: http://www.rts.ru/?tid=408. New specifications come into effect on June 27, 2007.
We would like to remind that on June 14 the board of Directors of OJSC RTS approved “The order of actions of OJSC RTS” and RTS Clearing Center due to the future reorganization of RAO UESR.
Due to the looming date of RAO UESR reorganization by means of split-off of the JSC OGK-5 Holding and KSC TGK-5 Holding with simultaneous affiliation to the companies JSC OGK-5 and JSC TGK- 5 (planned terms – August 2007), for futures contracts on RAO UESR common shares with the settlement in September 2007the following order of determining the futures underlying assets:
In case the above-mentioned split-off with simultaneous affiliation takes place before September 17, 2007 the underlying assets of the futures contract on RAO UESR common shares with the settlement in September 2007 will be at the same time:
* 1000 of RAO UESR common shares
* 13595 of JSC TGK-5 common shares
* 412 of JSC “OGK-5” common shares
In case before September 17, 2007 the above-mentioned split-off with simultaneous affiliation concerns only one of the above-mentioned companies (“OGK-5 Holding” or “TGK-5 Holding”), the underlying asset of the futures contract on RAO UESR common shares with the settlement in September 2007 will be at the same time:
* 1000 of RAO UESR common shares
* common shares of the company, to which the split-off company affiliated (for JSC “TGK-5” 13595 common shares, for JSC “OGK-5” 412 common shares)
In case the split-off of the above-mentioned companies with simultaneous affiliation takes place on September 17, 2007 or later, the underlying asset of the futures contract on RAO UESR common shares with the settlement in September 2007 will be 1000 RAO UESR common shares.
In case the reorganization takes place on September 17, 2007 or later, the above-mentioned order will be effective for the contracts with settlement in December. -Russian Trade System
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