Russia: Baltika, Vena, Yarpivo and Pikra association almost complete
There is one more step to do before the completion of the association between Baltika, Vena, Yarpivo and Pikra, Russian Beer Union announced on December 12.
The documents package is prepared for submission to exclude the joined to Baltika Vena, Yarpivo and Pikra from the public register. This would be the last stage in the companies reorganization and the creation of a new united Baltika company. At the same moment, the 3 companies stocks conversion into Baltika shares will be done.
The completion of the association process is expected in the last days of 2006.
The process of association was conducted according to the previously outlined plan.
In March 2006, at an extraordinary meeting the shareholders of Baltika approved the process of association with the companies Vena, Yarpivo and Pikra. In spring 2006, an additional share emission, Baltika stock redemption and the purchasing of Vena, Yarpivo and Pikra shares was accomplished.
In July 2006, the 3 companies shares are exchanged on Baltika new shares, and Baltika became the majority shareholder of companies Vena, Yarpivo and Pikra.
In August, the shareholders of Vena, Yarpivo and Pikra , with majority of votes, approved the association with Baltika and in autumn Baltika received the FAS permission to take over the 3 brewery companies.
At an extraordinary meeting, the shareholders approved the statement of Baltika succession on the joined companies rights and obligations
In November 2006, new shares are issued for the conversion of those remained in Vena, Yarpivo and Pikra.