Press releases | Archive 2007
RBC shareholders give final approval for IT business divestment
Moscow, April 24, 2007 - The extraordinary general meeting of OAO RBC Information Systems (RTS, MICEX: RBCI) held today has given final approval to the Board of Directors' resolution to spin off the company's IT business through the sale of common stock in OAO Armada to RBC shareholders and the transfer of IT assets from RBC to OAO Armada.
At the same time, RBC has calculated the number of orders for Armada shares received from shareholders. According to the order book, almost all shares offered for sale will be purchased by RBC shareholders. The specific provisions of US law prevented ADR holders from filing their orders for Armada shares on time. As a company committed to ensuring equal rights for all its shareholders, RBC is now looking for ways to resolve the issue with ADR holders in the shortest possible time.
Thus, the spin-off resulted in two separate companies, OAO RBC Information Systems and OAO Armada, operating in different business areas. The divestment of the IT business is essentially complete.