Press releases | Archive 2011
Resolution on expediency of additional share issue and its price to be made in spring 2012
Moscow, November 22, 2011 - Members of the Board of Directors of RBC OJSC (MICEX, RTS: RBCM) held a meeting on November 18 to discuss the sources of financing for the company's investment program amid the current stock market environment.
In view of the unfavorable market situation, RBC's Board of Directors has decided to discuss the expediency of an additional share issue in the amount of 51,109,375 shares (approved by shareholders on October 10, 2011), its starting date and the price of the shares to be issued, in the spring of 2012 depending on the market environment by that time.
Additionally, the Board reviewed the option of disposal of RBC's non-core assets in order to raise funds for implementing the company's 2012 investment program. The Board concluded that if the company sells all non-core assets, it will be able to fully carry out its investment plan. Therefore, the Board of Directors instructed RBC's management to hold negotiations, prepare a plan of action for selling non-core assets and submit the final decision to the Board before the end of 2011.