According to preliminary information, minorities holding more than 14% of TGC-10 shares have indicated that they accept the offer. In March 2008, Fortum acquired 76.49% of TGC-10.
In the application for the sale of TGC-10 shares, the minority shareholders were given the option to inform Fortum of their willingness to divest all of their shares.
Furthermore, the shareholders of TGC-10 who have accepted the offer now have two months until September 16, 2008, to transfer their shares to the depositary account of Fortum Russia.
It is expected that the settlement will be completed by the end of September 2008. In the event that Fortum’s shareholding in TGC-10 exceeds 95% as a result of the mandatory public tender offer, Fortum may elect, in accordance with Russian law, to do a mandatory purchase of the remaining shares in TGC-10.
