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WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

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However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

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We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

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JSFC Sistema (SSA)

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Thursday 03 December, 2009

JSFC Sistema

Sistema Capital S.A. launches Offer to Purchase...

Sistema Capital S.A. launches Offer to Purchase for Cash Any and All Outstanding U.S.$350,000,000 8.875% Senior Notes due 2011 and Solicitation of Consents to Amendments to the Notes Indenture

JSFC Sistema

Not for release, publication or distribution to any Italian Person or in, or into, Italy (See “Offer Restrictions” below).

Sistema Capital S.A. launches Offer to Purchase for Cash Any and All Outstanding U.S.$350,000,000 8.875% Senior Notes due 2011 and Solicitation of Consents to Amendments to the Notes Indenture

Sistema Capital S.A. (the “Issuer”) announced today that it is making an offer to purchase for cash (the “Offer”) any and all of its outstanding U.S. $350,000,000 8.875% Senior Notes due 2011 (the “Notes”). The Notes are guaranteed by Joint Stock Financial Corporation Sistema (the “Guarantor”). The Issuer also announced a solicitation of consents in relation to the Notes (the “Consent Solicitation”).

Holders of the Notes (the “Noteholders”) tendering the Notes will be deemed to have delivered consents to certain proposed amendments to the indenture pursuant to which the Notes were issued (the “Indenture”) which, if approved by Noteholders possessing the requisite principal amount of Notes, will eliminate or substantially modify substantially all of the restrictive covenants and related provisions in the Indenture and the Notes and may have adverse consequences for Noteholders who do not tender in the Offer.

The purpose of the Offer and Consent Solicitation is for the Issuer to acquire any and all of the outstanding Notes and to amend the Indenture and the Notes to eliminate or substantially modify substantially all of the restrictive covenants and related provisions contained therein. The Offer is not conditional upon the Issuer receiving sufficient Consents in respect of the requisite principal amount of Notes.

The Offer and Consent Solicitation commences today and the Offer and Consent Solicitation will expire on January 7, 2010 (i) in respect of the Euroclear and Clearstream Notes, at 5:00 p.m. London time or (ii) in respect of the DTC Notes, at 5:00 p.m. New York City time, unless extended or earlier terminated (such date and time, as may be extended, the “Expiration Date”). Holders who wish to receive the Total Consideration (as defined below) must validly tender their Notes at or prior to December 17, 2009 (i) 5:00 p.m. London time through Euroclear Bank S.A./N.V. (“Euroclear”) or Clearstream Banking, société anonyme (“Clearstream, Luxembourg”) in respect of the Euroclear and Clearstream Notes or (ii) 5:00 p.m. New York City time through The Depository Trust Company (“DTC”) in respect of the DTC Notes (together, such dates and times, as may be extended, the “Early Consent Deadline”). Holders who tender their Notes after the Early Consent Deadline and at or prior to the Expiration Date will receive only the Tender Consideration (as defined below). All Holders who tender their Notes will be deemed to have delivered their Consent. Holders may not tender their Notes without consenting to the adoption of the Proposed Amendments. Tendered Notes may be withdrawn and Consents may be revoked at any time at or prior to the Early Consent Deadline, but not thereafter.

The following table provides information with respect to the Notes and summarizes terms material to the determination of the Total Consideration and the Tender Consideration, each as defined below:

Notes   ISINs

Common Codes

CUSIPs

  A.

Total Consideration

  B.

Early Consent Payment

  C.

Tender Consideration

U.S.$350,000,000.00
8.875% Senior Notes due 2011
Regulation S Notes (the Euroclear and Clearstream Notes)

XS0184546371

018454637

L84592 AA 9

 

Rule 144A Notes (the DTC Notes)

US82977RAA59

018454645

82977R AA 5

U.S.$1,055.00 U.S.$30.00 per U.S.$1,000.00 principal amount Total Consideration minus Early Consent Payment

(A-B=C)

The “Total Consideration” for the Notes validly tendered pursuant to the Offer and Consents validly delivered pursuant to the Consent Solicitation at or prior to the Early Consent Deadline shall be 1,055.00 for each U.S.$1,000.00 principal amount of Notes, which includes an “Early Consent Payment” of U.S.$30.00 per U.S.$1,000.00 principal amount of Notes. The “Tender Consideration” is equal to the Total Consideration less the Early Consent Payment for the Notes. Subject to the terms and conditions set forth in this Offer to Purchase, the Issuer offers to pay the Total Consideration to each Holder that has properly tendered and not revoked its Consent and properly tendered and not withdrawn its Notes at or prior to the Early Consent Deadline.

The Issuer reserves the right, at any time following the Early Consent Deadline, to accept for purchase all of the Notes validly tendered at or prior to the Early Consent Deadline. Following the Early Consent Deadline, the Issuer will announce whether it intends to exercise this early purchase option with respect to the Notes (the “Announcement of Early Results”). If the Issuer elects to exercise this early purchase option, subject to satisfaction of certain conditions, it will pay the Total Consideration for the Notes on such date (the “Early Settlement Date”) promptly following the Announcement of Early Results. On the Early Settlement Date, the Issuer will also pay accrued and unpaid interest up to, but not including, the Early Settlement Date on the Notes accepted for purchase.

The Offer is made upon the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated December 3, 2009 (the “Statement”) and this release should be read in conjunction with the Statement. Capitalised terms used in this announcement shall have the meanings ascribed to them in the Statement, unless otherwise defined herein. The anticipated Offer timetable is summarized below.

Indicative Timetable   Event
December 3, 2009 Launch

December 17, 2009, at 5:00 p.m., London time, for

tenders effectuated through Euroclear or Clearstream

and at 5:00 p.m., New York City time, for tenders

effectuated through DTC

Consent Deadline

Expected to be December 18, 2009, on or around

9:00 a.m. New York City time

Announcement of Early Results

Expected to be December 22, 2009, but in any case

on or before December 24, 2009

Early Settlement Date

January 7, 2010, at 5:00 p.m., London time for

tenders effectuated through Euroclear or Clearstream

and at 5:00 p.m., New York City time for tenders

effectuated through DTC

Expiration Date

Expected to be January 11, 2010, on or around 9:00

a.m. New York City time

Announcement of Final Results
Expected to be January 12, 2009 Final Settlement Date

Credit Suisse Securities (Europe) Limited is acting as Dealer Manager for the Offer. Deutsche Bank AG, London Branch is acting as Tender Agent with respect to the Euroclear and Clearstream Notes and Deutsche Bank Trust Company Americas is acting as Tender Agent with respect to the DTC Notes. For detailed terms of the Offer please refer to the Statement, which can be obtained from the Dealer Manager and Tender Agents referred to below.

Further details on the Offer can be obtained from:

Dealer Manager:

Credit Suisse Securities (Europe) Limited

One Cabot Square
London E14 4QJ
Attn: Liability Management Group

Telephone: +44 20 7883 6748
Fascimile: +44 20 7892 1310
Email: liability.management@credit-suisse.com

Tender Agent in respect of the Euroclear and Clearstream Notes:

Deutsche Bank AG, London Branch
Winchester House
1 Great Winchester Street
London EC2N 2DB
Attention: Restructuring Services

Facsimile: +44 20 7547 5001
Tel: +44 20 7547 5000
Email: xchange.offer@db.com

Tender Agent in respect of the DTC Notes:

Deutsche Bank Trust Company Americas
Trust & Securities Services
60 Wall Street, 27th Floor
Mail Stop: NYC60-2710
New York, New York 10005
Attention: Manager, Corporates Team

Facsimile: +1 732 578 4635
Tel: +1 800 735 7777
Email: xchange.offer@db.com

This press release does not constitute, or form part of, any solicitation or any offer or invitation to sell any securities in any jurisdiction.

OFFER RESTRICTIONS

The Offer does not constitute an offer to buy or the solicitation of an offer to sell the Notes, an invitation or an offer to sell or the solicitation of an invitation to buy the Notes or a solicitation of Consents in any circumstances in which such offer or solicitation is unlawful. In those jurisdictions where the securities, blue sky or other laws require the Offer to be made by a licensed broker or dealer, the Offer shall be deemed to be made on behalf of the Issuer by the Dealer Manager or one or more registered brokers or dealers licensed under the laws of such jurisdiction. Neither the delivery of this Offer nor any purchase of Notes shall under any circumstances create any implication that the information contained herein or incorporated herein by reference is correct as of any time subsequent to the date hereof or, in the case of information incorporated herein by reference, subsequent to the date thereof, or that there has been no change in the information set forth herein or incorporated herein by reference or in any attachments hereto or in the affairs of the Issuer or the Guarantor, or any of their affiliates since the date hereof.

Belgium

In Belgium, the Offer will not, directly or indirectly, be made to, or for the account of, any person other than qualifying institutional investors referred to in article 6 paragraph 3 of the Law of April 1, 2007 on public acquisition offers, each acting on their own account. This Offer not been and will not be submitted to nor approved by the Belgian Banking, Finance and Insurance Commission (Commission Bancaire, Financière et des Assurances/Commissie voor het Bank, Financie en Asurantiewezen) and accordingly may not be used in connection with any offer in Belgium except as may be permitted by law.

France

The Offer and the Consent Solicitation are not being made, directly or indirectly, to the public in the Republic of France. The Offer or any other document or material relating to the Offer and the Consent Solicitation may not be distributed to the public in the Republic of France and only (i) providers of investment services relating to portfolio management for the account of third parties (personnes fournissant le service d’investissement de gestion de portefeuille pour compte de tiers) and/or (ii) qualified investors (investisseurs qualifiés) other than individuals, all as defined in and in accordance with Articles L.411-1. L.411-2 and D.411-1 to D.411-3 of the French Code monétaire et financier, are eligible to participate in the Offer and the Consent Solicitation. This Offer has not been and will not be submitted for clearance to nor approved by the Autorité des Marchés Financiers.

Italy

The Offer and the Consent Solicitation are not being made, and will not be made, directly or indirectly, in the Republic of Italy. The Offer and the Consent Solicitation and the Offer have not been submitted to the clearance procedures of the Commissione Nazionale per le Società e la Borsa (CONSOB) or the Bank of Italy pursuant to Italian laws and regulations. Accordingly, Holders are hereby notified that, to the extent such Holders are Italian residents or persons located in the Republic of Italy, the Offer is not available to them and they may not tender their Notes and, as such, any instruction received from such persons with regard to the Offer or the Consent Solicitation shall be ineffective and void, and neither the Offer nor any other documents or materials relating to the Offer, the Consent Solicitation or the Notes may be distributed or made available in the Republic of Italy.

United Kingdom

The communication of this Offer and any other documents or materials relating to the Offer is not being made and such documents and/or materials have not been approved by an authorized person for the purpose of Section 21 of the Financial Services and Markets Act 2000 (“FSMA”). Accordingly such documents and/or materials are not being distributed to, and must not be passed on to, the public in the United Kingdom. The communication of such documents and/or materials as a financial promotion is only being made to those persons in the United Kingdom falling within the definition of Investment Professionals (as defined in Article 19(5) of the FSMA (Financial Promotion) Order 2005 (the “Order”) or persons who are within Article 43 of the Order or any other persons to whom it may otherwise lawfully be made under the Financial Promotion Order.

The Grand Duchy of Luxembourg

Under no circumstances shall this Offer constitute an offer to sell or issue, or the solicitation of an offer to buy or subscribe for Notes in the Grand Duchy of Luxembourg.