http://www.finamrus.com/newtopics/news03B8E/default.asp
TGC-5 has wrapped up distribution of its GDRs as part of a pilot spin-off from UES, as less than half of the energy holding's GDR holders (43.8% of all shareholders) decided to receive receipts on the genco's shares, TGC-5 said in a press release. All in all, 65.7% of UES' GDR holders converted their receipts into TGC-5's securities (21.9% of them converted GDRs into the genco's shares). Other shareholders preferred cash to shares or receipts. All in all, 6.4% of TGC-5's shares were subject to the conversion. Following the placement, the share of GDR holders equaled 2.8% and that of TGC-5's stock holders came to 1.4%. TGC-5 believes that in the near future the number of GDR holders could increase primarily on the back of the acquisition of TGC-5's GDRs by US investors who were unable to take part in the stock distribution procedure because of some legal restrictions
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