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. Last Updated: 07/27/2016

UES Proposes Share Swap Ratios

Unified Energy Systems has proposed ratios for share swaps between the generating and grid companies it is being broken up into, Kommersant reported Wednesday.

According to a document obtained by the newspaper, one share in OGK-1 can be swapped into 1.3 shares of OGK-2, or 1.2 shares of OGK-6, or 0.0075 shares of TGK-4, or 0.013 shares of TGK-11, or 29 shares of TGK-12.

UES's generating assets are being spun off into standalone companies under reforms masterminded by CEO Anatoly Chubais that will distribute its assets to shareholders on a pro-rata basis. The newspaper said Gazprom, which holds a 10.5 percent stake in UES, and Norilsk Nickel, which holds 3.5 percent, would be the main parties in the swap.

The UES reform committee was to review the proposal Wednesday and submit it to the UES board, which is expected to discuss it Friday.