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Volzhskaya TGK OAO to be IES Holding consolidation center and merge with TGK-5, TGK-9 and TGK-6-Interfax

Monday, 19 May 2014 05:22am EDT 

Volzhskaya TGK OAO:Volzhskaya TGK OAO (TGK-7) has been chosen as Integrated Energy Systems (IES) Holding's consolidation center, according to TGK-7 materials-Interfax.TGK-7's board meeting agenda included reorganizing the group in the form of a merger.The issue was formulated in a different way for the agendas of Territorial'naya generiruyushchaya kompaniya No 5 OAO (TGK-5), TGK-6 OAO (TGK-6) and Territorial'naya generiruyushchaya kompaniya No 9 OAO (TGK-9) board meetings.The agendas included reorganization in the form of a merger, as well as the approval of a merger agreement and a transfer deed.TGK-7's board of directors approved an additional issue of 16,843,940,187 ordinary shares with par value of 1 Russian ruble.The shares will be placed through conversion of shares of TGK-5, TGK-9 and TGK-6.The conversion ratio for TGK-5 is 971.982143 ordinary TGK-5 shares per one additional TGK-7 share.The conversion ratio for TGK-6 shares is 1,037.080254 shares per one additional TGK-7 share.The TGK-9 ratio is 584.137561 shares per one TGK-7 share.Aside from the three TGKs, TGK-7 will also be merged with a number of other companies.TGK-7 told Interfax all of its subordinate offices would become TGK-7 offices in the consolidation.Sales divisions will not be included in the merger, however; they will be consolidated in a separate sales company.All IES Holding companies will placed under the T Plus Group umbrella brand starting in 2015. 

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