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In early March, in Luxembourg, an extraordinary meeting of the shareholders of Volga Resources took place, its main theme was about amendment to the charter. The essence of the amendment was the possibility to issue not only registered shares but also the bearer. According to "Marker", the shareholders of Volga Resources unanimously supported the initiative.

They do not guarantee a complete anonymity to new shareholders - the names and contact information of all holders of bearer shares will be recorded in the registry. The amendments contributed also allow the exchange of shares on the registered and vice versa.

The decision on the issue will be taken by the Board of Directors of the Fund. It will define whether the form of the emission is of bearer shares or global certificates. The time of the first issue of new shares and the amount of the emission is yet disclosed. [...]

Perhaps, such modifications of the charter are caused by a desire to optimize the taxation or bring the constituent documents of the company in line with recent changes in legislation. However, most often (says analyst of Renaissance Investment Management, Kirill Kim) the generic issue of unregistered securities is practiced by offshore funds in order to attract additional funding by a particular investor.

Source: "Marker" on 06/04/2010

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