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ALTERA FINANCE manages a project for an additional issue of shares

Dec 11, 2009

Private joint-stock company SPAS insurance company, a part of VSK Insurance group, has successfully conducted a private placement of its additional issue of shares over the period of Dec 1-10, 2009. The share placement took into account their market value, which was determined by an independent appraiser. The issue volume was UAH 20m, bringing the authorized stock of SPAS to a total of UAH 30m.

The purpose of the issue was to increase the company’s authorized stock, which, in fact, guarantees the performance of company's obligations to its clients. The decision to do so was taken at a regular meeting of SPAS insurance company shareholders on May 26 this year. Over the same period, CJSC SPAS insurance company was transformed into private joint-stock company SPAS insurance company, to comply with the new joint-stock company law.

The additional issue of shares, as well as the measures to bring SPAS insurance company into compliance with the new law, was managed by ALTERA FINANCE Investment Group.

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