Roska reorganises - Brief Article

Eurofood, Sept 27, 2001

Shareholders of the Roska Corporation, based in St. Petersburg, will gather for an extraordinary shareholders meeting in September to discuss the issue of reorganising the company, according to Interfax.

The reorganisation includes plans to join together with a corporation of three companies: the AOZT Ordena Trudovogo Krasnogo Snameni Plemenoi plant Lesnoye, ZAO Berevo and AOZT Shumskoye.

Roska is one of Russia's biggest dairy product makers. Shareholders will vote on a joining agreement and consider the matter of increasing Roska's charter capital with an additional stock issue by means of converting the common stock of the joined companies.

Shareholders not in agreement with the reorganisation will have the right to demand to be bought out. This would take place at market prices--50 kopecks per common and preferred share with par value of 50 kopecks.

The price and order of the buy-out was determined by the company's board of directors this past July.