Press releases | Archive 2005
RBC announces plans to increase its authorized stockRBC announces plans to increase its authorized stock
In light of this, the RBC Board resolved to convene an extraordinary general meeting (EGM) of shareholders on October 14, 2005. A list of persons eligible to participate in the extraordinary meeting will be based on records in the Company's register as of September 7, 2005.
The Board of Directors recommends that the number of authorized shares be increased by the EGM from the current 15 million to 34.26 million shares. Of this amount, the issuance of 4.26 million shares for the share option program for Board members and the top management was already approved by the Annual General Meeting on June 22, 2005. At present, all the necessary documents for this issuance have been submitted for registration by the Russian Federal Financial Markets Service. Consequently, after the issuance of 4.26 million shares, the Company will have a reserve of up to 30 million authorized shares that can be used to finance RBC's future growth and acquisitions as and when required.
The current number of RBC shares issued and outstanding is 115 million.