On 24 June 2008, JSC VTB Bank announces the preliminary results of its public offer to acquire Bank VTB North-West shares (hereinafter referred to as "Offer" and "VTB NW").
The Offer was sent to VTB NW shareholders on 14 April 2008 in compliance with applicable legislation requiring an entity having acquired over 75 per cent of open joint stock company shares to make a public offer to acquire the remaining shares. Under the Offer, VTB NW shareholders could sell each share of RUR 1 nominal value for RUR 45. The necessary documents could be executed in the special offices of VTB NW or sent by post.
Between 14 April and 23 June 2008, VTB NW shareholders applied to sell a total of 129,965,117 shares under the VTB Offer, which account for almost 10.3067 per cent of the authorized capital of VTB NW. 785 shareholders have exercised their rights under the Offer, among them 767 individuals and 18 corporates.
It is stipulated by law that within 15 days after the applications are accepted, the shareholders may transfer the title of their shares (to make a transfer order to ZAO COR). If all the shareholders properly complete the transaction by 8 July 2008, VTB will have increased its shareholding in the authorized capital of VTB NW to 97 per cent.
The shares will be paid out within 15 days once a relative credit entry is made on the VTB account, but not later than 23 July 2008. Thus, the final results of the Offer will be announced by 23 July 2008.
This Offer was a landmark in the integration of VTB NW into the VTB Group. Once the final results of the Offer are announced, a decision will be made regarding further steps. If VTB succeeds in increasing its shareholding in VTB NW's authorized capital to more than 95 per cent, then, in compliance with the existing Russian law (Federal Law on Joint-Stock Companies, Chapter ХI), VTB will have the right to a buy out "on demand" (or enforced buy out) within six months after the Offer is completed in order to reach a 100 per cent shareholding in VTB NW's authorized capital.