12th Aug 2009 07:00
Press-releaseKrasnodar
August 12, 2009
OJSC "Magnit" announces the results of BOD meeting
Krasnodar, August 12, 2009: OJSC "Magnit" (the "Company"; RTS, MICEX and LSE: MGNT) is pleased to announce the results of the Board of Directors of OJSC "Magnit".
Dear Ladies and Gentlemen!
We would like to inform you that the following decisions were adopted at the meeting of the Board of Directors of OJSC "Magnit" held on August 11, 2009:
1. Approval of a major related party transaction.
2. Approval of related party transactions.
To hold the meeting at the address: conference hall, 3rd floor, 15/2 Solnechnaya str., Krasnodar, 350072, Russia.
To designate the postal address to which to forward completed voting ballots as follows: 15/2 Solnechnaya str., Krasnodar, 350072, Russia.
To instruct the registrar of the Company - OJSC "Obiedinennaya Registratsionnaya kompaniya" - to make a list of persons entitled to participate in the EGM according to the register as of August 27, 2009.
To ratify the form and the text of the voting ballots on the items to be considered at the EGM.
To ratify the text of the announcement of the EGM and deliver it via registered mail or by signed delivery to each shareholder of the Company by September 14, 2009 inclusively.
To ratify the following list of information materials to be presented for shareholders' examination during the period of preparation for the EGM:
- draft decisions on the EGM agenda items;
- information on the material terms of transactions which are being submitted for EGM approval.
Date and the number of the minutes of the Board meeting: w/o No. of August 11, 2009.
For further information, please contact:
|
Oleg Goncharov |
Director, Investor Relations e-mail: [email protected] tel. in Krasnodar +7 (861) 277-45-54, 210-98-10 ext. 5100 Mob.: +7 (903) 411-40 -35 Direct line for investors only: +7 (861) 277-45-62 |
|
Dina Chistyak |
Manager, Investor Relations e-mail: [email protected] tel. in Krasnodar +7 (861) 277-45-54, 210-98-10 ext. 5101 Mob.: +7-961-511-02-02 Direct line for investors only: +7 (861) 277-45-62 |
Company description:
Based in Krasnodar, in the Southern region of Russia, Open Joint Stock Company "Magnit" is the holding company for a group of entities that operate in the retail trade under the "Magnit" brand. The chain of "Magnit" stores is one of the leading food retail networks in Russia. As of June 30, 2009 the chain consisted of 2,790 convenience stores and 18 hypermarkets in 922 locations in the Russian Federation.
Approximately two-thirds of the Company's stores are located in cities with population of less than 500,000 inhabitants. Most of its stores are located in the Southern, Central and Volga regions. The Company also operates stores in the North-Western and Urals regions.
As of June 30, 2009 the Company operated an in-house logistics system consisting of 9 distribution centers, employing automated stock replenishment systems and a fleet of 1,345 vehicles.
In accordance with the audited IFRS consolidated financial statements for 2008, the Company posted consolidated revenue of approximately US$5,348 million and consolidated EBITDA of around US$402 million.
Related Shares:
MGNT.L