20-Mar-2012 Source: Russian Helicopters
Russian Helicopters, JSC (hereinafter the Company), one of the global leaders in helicopter production, announced today its intent to increase its stake in Ulan-Ude Aviation Plant, JSC (hereinafter UUAP) to 100% through a squeeze-out procedure.
By sending the squeeze-out demand notice to the remaining UUAP minority shareholders, the Company has exercised its right under the Russian law to purchase all remaining UUAP shares not already owned by Russian Helicopters, JSC.
The price has been set at 81,2 RUB based on the opinions confirmed by the report of independent broker Euroexpert as required by the Russian legislation. The Company obtained the necessary approval to initiate the squeeze-out procedure from the Federal Financial Markets Service of Russia.
“By increasing of our stakes in the subsidiaries to 100%, we are implementing an essential stage of a strategy, aimed at optimizing the Companyâ€™s management system. Successful completion of this phase will allow us to effectively implement unified standards for business processes, corporate governance, and management decision making and realization principles. Moreover, the consolidation of the remaining minority shares of the subsidiaries at a remunerative price contributes to our main strategic objective – to maximize shareholder value of the Company”, – saidÂ Russian Helicoptersâ€™ CFO Sergei Yarkovoy.
In according with the squeeze-out demand notice the remaining UUAP minority shareholders are recommended to send their claims with banking (or mailing) details to the addresses shown in the notice before March 4, 2012. Payments for the shares will be made within 25 days after the closing of the offer.
Details of the squeeze out procedure are provided in individual mailings to UUAP shareholders and are also available hereÂ http://www.uuaz.ru/emitter.html.
UUAP minority shareholders should direct any additional questions concerning the squeeze-out process or payment of the squeeze-out proceeds to the Moscow Funds Center (UUAP registrator) depositary at +7Â 495 644-0106, +7 495 644-0302 (ext. 3813).
Russian Helicopters, JSCÂ is a subsidiary of UIC Oboronprom, which in turn is a part of Russian Technologies State Corporation. It is one of the global leaders in helicopter production and the only helicopter design and production powerhouse in Russia. Russian Helicopters is headquartered in Moscow. The company comprises five helicopter production facilities, two design bureaus, a spare parts production and repair facility, as well as an aftersale service branch responsible for maintenance and repair in Russia and all over the world. Its helicopters are popular among Russian ministries and state authorities (Ministry of Defence, Ministry of Internal Affairs, Emergency Control Ministry), operators (Gazpromavia, UTair), major Russian corporations. Over 8000 helicopters of Soviet/Russian make are operated in 110 countries worldwide. Traditionally the demand is highest in the Middle East, Africa, Asia-Pacific, Latin America, Russia, and CIS countries. Russian Helicopters was established in 2007. In 2010 its IFRS revenues reached $2.2 billion, and deliveries reached 214 units. At the end of 2011 the Russian Helicopters business was estimated at $3.9 billion.
Partners of Russian Helicopters:Â AirTaxi Service (interior completions and maintenance); Tranzas (software, navigation systems, aviation simulators); CSTS Dinamika (technical training means for aviation flight and engineering personnel); BETA AIR (testing equipment and aviation electronics); Ural Works of Civil Aviation (repair of helicopter engines and components, as well as gearboxes).
UIC Oboronprom, JSCÂ is a multi-profile industrial group established in 2002. A part of Russian Technologies State Corporation. Its main tasks include: helicopter engineering (Russian Helicopters, JSC) and engine-building (United Engine Industry Corporation managing company).