Moscow and New York (August 8, 2007) — Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP), today announced a change in the ratio of its American Depositary Receipts (ADRs) traded on the New York Stock Exchange.
Since VimpelCom’s last ratio change in November 2004, VimpelCom's price per ADR has risen from approximately $40 to over $100. In order to bring the ADR price more into line with ADRs of comparable companies, VimpelCom will change the ratio from four ADRs for one common share to 20 ADRs for one common share effective August 21, 2007. To implement the ratio change, VimpelCom ADR holders of record at the close of business on August 17, 2007 will receive four additional ADRs for every ADR held. The distribution date to ADR holders is August 21, 2007. There will be no change to VimpelCom's underlying common shares.
Commenting on today's announcement, Alexander Izosimov, Chief Executive Officer of VimpelCom, said: "VimpelCom's ADR ratio change demonstrates our commitment to making the Company’s shares accessible to the broadest investment community, including to retail shareholders. The outstanding performance of the Company’s stock required changing the ADR ratio to ensure a broadly accessible and liquid market for the Company’s shares".
The VimpelCom Group includes companies operating in Russia, Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia and Armenia. The VimpelCom Group's GSM and 3G license portfolio covers a territory with a population of about 250 million. This includes the entire territories of Russia, Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia and Armenia. VimpelCom was the first Russian company to list its shares on the New York Stock Exchange ("NYSE"). VimpelCom's ADSs are listed on the NYSE under the symbol "VIP".
For more information, please contact:
Tel: 7 (495) 910-5977
|Peter Schmidt/Michael Polyviou
Tel: 1 (212) 850-5600