In a recent press release,Glass Lewis & Co., an independent proxy advisory firm, recommended that the shareholders of VimpelCom Ltd.vote "FOR" approval of the issuance of VimpelCom common shares and convertible preferred shares and the increase of VimpelCom's authorized share capital to complete the combination of VimpelCom and Wind Telecom S.p.A.

Glass Lewis published its recommendation on Feb. 24, stating that: "Decisions regarding a company's business operations are best left to the judgment of the Board. We believe that the company should be provided the flexibility to use its equity in a manner that could provide funding for its operations and enhance shareholder value."

"The Glass Lewis recommendation clearly underscores the merits of the combination, as well as importance of the due diligence and support of the Company's Supervisory Board,” said Alexander Izosimov (News - Alert), chief executive officer of VimpelCom, in a press release. “The expansion of our growth platform is strategically compelling and financially attractive and we move forward with confidence that our shareholders will support the Transaction at the upcoming Special General Meeting."

The shareholders will approve the issuance of up to 325.6 million VimpelCom common shares and 305 million convertible preferred shares and the increase of VimpelCom's authorized share capital at Special General Meeting of VimpelCom is scheduled to take place on March 17.

VimpelCom's Supervisory Board and Management Board recommend shareholders vote "FOR" the proposals by signing, dating and returning the WHITE voting card received from the company.

Recently, TMC (News - Alert) reported that VimpelCom hascompleted the issuance of an aggregate principal amount of $1.5 billion of new loan participation notes in the international bond markets, split between 5-year and 10-year tranches. The 5-year $0.5 billion issue will bear an annual interest rate of 6.493 percent and will be due in February 2016.

Rahul Arora is a TMCnet contributor. He has worked as an editor and freelance writer for several reputed organizations in India. To read more of his articles, please visit his columnist page.

Edited by Janice McDuffee