According to the company’s press release, WGC-5 BoD at its Monday meeting has adopted a decision to extend the deadline for minority shareholders of Konakovskaya GRES to swap their shares for shares in WGC-5. The terms of the offer remain unchanged. Shareholders of Konakovskaya GRES can swap 1 common share in this utility for 19 common shares in WGC-5.

Initially, WGC-5 planned to close the registration of share swap bids from minority shareholders of Konakovskaya GRES on August 26. However, as of August 22, owners of over 5% in GRES, largely individuals, voiced their aspiration to swap shares, while large investors had failed to make up their minds yet. As a result, a group of shareholders of Konakovskaya GRES (owns over 15% in the power plant), including Prosperity Capital Management, Halcyon Advisors and Firebird petitioned UES and WGC-5 to extend the share swap offer.

WGC-5 was established as UES’ 100% subsidiary and includes Reftinskaya, Sredneuralskaya (both are not JSCs), Nevinnomysskaya and Konakovskaya TPPs. According to expert estimates, the market value of WGC-5 is $1.5-2.5 bln.