31st May 2016 07:46
PJSC MAGNIT - Execution of Related Party TransactionPJSC MAGNIT - Execution of Related Party Transaction
PR Newswire
London, May 31
Press-release
Krasnodar
May 31, 2016
PJSC “Magnit” Announces the Execution of the Related Party Transaction
Krasnodar, May 31, 2016: PJSC “Magnit”, Russia’s largest food retailer (the “Company”, the “Issuer”; MOEX and LSE: MGNT), announces the execution of the related party transaction on May 30, 2016.
Please be informed that on May 30, 2016 PJSC “Magnit” (the Lender) and JSC “Tander” (the Borrower) executed the related party transaction, according to which the Lender provides the loan of funds to the Borrower which is to be repaid by the Borrower within the period determined by the contract. The repayment of the loan and (or) the interest may be effected by the Borrower in advance, without written notice to the Lender of the loan repayment, by means of transfer of the loan to the bank details specified in the contract or otherwise not contradictory to the Civil Code of the Russian Federation (offset of mutual claims, assignment of a claim, etc.).
The essentials of the transaction are as follows:
| Type of transaction: | related party transaction; material transaction which is not major |
| Subject of transaction: | loan of funds |
| Parties and beneficiaries under transaction: | the Lender – Public Joint Stock Company “Magnit” the Borrower – Joint Stock Company “Tander” |
| Maturity: | loan maturity date – 27.05.2019 |
| Transaction amount: | 15,340,000,000 rubles, which amounts to 13.89% of the balance sheet value of assets of the issuer |
| Interest rate: | 11.2% per annum |
| The assets value of the issuer as of the closing date of the last reporting period preceding the transaction execution: | 110,478,878 thousand rubles |
The transaction was approved by the General shareholders meeting on December 22, 2015 (minutes of the extraordinary General shareholders meeting of PJSC “Magnit” w/o No. of December 24, 2015).
For further information, please contact:
| Timothy Post | Head of Investor Relations Email: [email protected] Office: +7-861-277-4554 x 17600 Mobile: +7-961-511-7678 Direct Line: +7-861-277-4562 |
| Investor Relations Office | [email protected] Direct Line: +7-861-277-4562 Website: ir.magnit.com/ |
| Media Inquiries | Media Relations Department [email protected] |
Company description:
Magnit is Russia's largest food retailer. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of March 31, 2016, Magnit operated 34 distribution centers and about 12,434 stores (9,715 convenience, 382 hypermarkets, and 2,337 drogerie stores) in 2,385 cities and towns throughout 7 federal regions of the Russian Federation.
In accordance with the audited IFRS results for 2015, Magnit had revenues of RUB 951 billion and an EBITDA of RUB 104 billion. Magnit's local shares are traded on the Moscow Stock Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB+. Measured by market capitalization, Magnit is one of the largest retailers in Europe.
Related Shares:
MGNT.L