Equity Structure
(1) As of 31 December 2008, OMZ holds close to 4,551,000 common shares in treasury (12.83% of voting stock). In accordance with the Corporate Governance Code, OMZ does not vote the shares held in treasury at the Company’s AGMs/EGMs.
(2) As of 31 December 2008, OMZ holds approximately 2,720,000 preferred shares (98.9% of total preferred stock) in treasury as a result of a plan to exchange OMZ’s preferred shares into common shares at a ratio of 5:4 and to cancel the preferred class of shares altogether. To comply with all relevant Russian Law OMZ needs to exchange all 100% of its preferred shares into common stock before it cancels the preferred shares class. At present, the Company has no intention of re-issuing the preferred shares and will continue its efforts to complete the exchange of all its preferred shares into common stock.
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