RBC postpones mandatory share buyback
Moscow, March 15, 2010 - Notice of the postponement of the share buyback is hereby given to shareholders of OAO RBC Information Systems (MICEX, RTS: RBCI) who have demanded that their ordinary shares in RBC be repurchased in connection with the approval of major transactions by the extraordinary meeting of shareholders on December 30, 2009.
The delay has been caused by the fact that the settlement bank accounts of OAO RBC Information Systems, which currently is at the final stage of the debt restructuring process, have been temporarily frozen. Considering this, even though operating subsidiaries of OAO RBC Information Systems have enough cash on their accounts, they are in no position to lend it to OAO RBC Information Systems until the debt restructuring is completed.
As soon as OAO RBC Information Systems finalizes its debt restructuring and the money is released from the blocked accounts, the company will perform its obligations to the shareholders in full. RBC expects this to take place in the near future.