NDC General Meeting Approves Voting Procedure for DCC Extraordinary General Meeting on Additional Share Issue

24 January 2008
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MOSCOW (RNWire) - The National Depository Center (NDC), Russia’s only settlement depository servicing the full range of Russian securities, announced today that a general meeting of NDC members was held on 24 Jan. to discuss NDC’s participation in an extraordinary general meeting of shareholders in Depository Clearing Company CJSC (DCC). In particular DCC shareholders are scheduled to discuss the parameters surrounding DCC’s additional share issue and the new version of DCC’s charter and its implications for the powers of DCC’s Board of Directors.

NDC members decided to accept the terms and order of DCC’s additional share issue placement which provides an issue of 40 million of common shares with RUR20 nominal value and to endorse the new version of DCC’s charter which provides for the inclusion of the following matters into Board of Directors’s competence:

  • Approval of the company’s investments (including approval of a budget for the company’s investments) for sums exceeding 10% of the company’s book value according to its latest accounting report but not less than RUR100 million. Company investments are defined to include investments into its capital assets, software, non-material assets including costs for the construction of new buildings, expansion, reconstruction and technical modernization of the company, purchase of new machines, equipment and tools, design and exploration work and other expenditures including long term investments (for more than 12 months) in shares of other companies, purchase of property and property rights;
  • Approval of transactions including a number of interrelated transactions connected with the purchase of or the possible alienation of property valued at a minimum of 10% of the company’s book value according to its latest accounting report but not less than RUR100 million.

The new version of DCC’s charter also provides that decisions on the above-cited issues require a three-quarters vote of all board members.  

About NDC:

Not-for-Profit Partnership “The National Depository Center” is the largest settlement depository in Russia, servicing the full range of equity securities of Russian issuers. It services 100% of transactions conducted in the federal bond and the Bank of Russia bond markets, more than 95% of transactions conducted in the corporate and regional bond markets, and stock exchange share transactions. NDC provides storage of global certificates and depository accounting for 99% of corporate bond issues, and 95% of sub-federal and municipal bond issues. The international rating agency Thomas Murray has assigned NDC an A+ rating as a central depository. For 2007 the value of assets in storage was more than RUR4.3 trillion. NDC is the largest paying agent on behalf of corporate bond issuers. It is Russia's national numerating agency, the substituting numerating agency for the CIS, authorized to assign the international ISIN and CFI codes. It is also a member of the international accounting infrastructure, providing settlements on the global financial markets using direct accounts at Clearstream Banking S.A. and Euroclear Bank. It also holds accounts at the Central Depository of the Republic of Kazakhstan and the NDC of the Republic of Azerbaijan.

Among NDC’s founders are MICEX and Bank of Russia (the founders’ shares in the property are 46.7% and 39.3% respectively, and in the votes 50.2% and 42.3% respectively). Members include GPB OJSC (Gazprombank), Evrofinans Mosnarbank, Rosbank, VTB Bank (Vneshtorgbank), Bank of Moscow, Rossiysky Credit Bank, Vneshekonombank, ING Bank Eurasia, JP Morgan Bank International LLC, International Moscow Bank (UNICREDIT), Deutsche Bank, and Sberbank of Russia. The Partnership also has a stake in Depository Clearing Company CJSC (36.96 %) and in Settlement Depository Company CJSC (29%).


For further information about NDC: www.ndc.ru, or NDC Public Affairs Department: +7 495 232 0910, .

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