RBC Board elects governing bodies and determines new motivation programs
Moscow, August 6, 2007 - At meetings held on July 26-30, 2007, the Board of Directors of OAO RBC Information Systems (RTS, MICEX: RBCI) made the following decisions:
1. The Board elected German Kaplun its Chairman and Alexander Morgulchik and Dmitry Belik Vice Chairmen. According to the election results, the Board's Audit and Compliance Committee will consist of Michael Hammond (Committee's Chairman), Neil Osborn and Alexander Morgulchik. The Board's Compensations Committee will consist of Hans-Joerg Rudloff (Committee's Chairman), German Kaplun and Sergey Lukin. Yury Rovensky was appointed RBC General Director and head of the Executive Board, which also includes Artyom Inyutin, Ekaterina Lebedeva and Vyacheslav Masenkov.
2. The Board determined a new execution price of share options under the 2006-2009 motivation program for RBC Board members. This step was made due to the divestment of the company's IT business into ARMADA, which IPO was successfully conducted on MICEX and RTS on July 31, 2007. The following formula was used for the calculation:
where RBC market capitalization is based on the average weighted price on MICEX as of 24.07.2007;
ARMADA capitalization is based on the IPO price set at RUR380 per share;
calculations are based on the dollar exchange rate set by the Russian Central Bank for 24.07.2007.
As a result, the share options exercise price was decreased from $10.5 to $9.2 per share.
3. The Board also approved a motivation program for the middle management and key employees of the company's media departments until the end of 2009. To fund this program, RBC intends to use 1,000,000 ordinary shares, which were consolidated by the company in the market earlier specifically for this purpose in compliance with the Board's decision of July 24, 2006.
Investor contact: Natalia Makeeva
Tel: +7 (495) 363-1111 (ext. 1369), e-mail: ir@rbc.ru, Web: www.rbcinfosystems.com.
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