24th Nov 2008 07:00
Press-release
Krasnodar
November 24, 2008
OJSC "Magnit" announces the results of the board meeting
Krasnodar, November 24, 2008: OJSC «Magnit» (the "Company"; RTS, MICEX and LSE: MGNT) is pleased to announce the results of BOD (supervisory board) meeting.
Dear Ladies and Gentlemen!
We would like to inform you that the meeting of the board of directors of OJSC "Magnit" (supervisory board) was held on November 23, 2008. The record date for persons entitled to participate in the extraordinary shareholders' meeting of January 20, 2008 was fixed as of December 03, 2008.
Other decisions adopted at the meeting are as follows:
- To call the extraordinary general shareholders' meeting of OJSC "Magnit";
- To ratify the following agenda items of EGM of OJSC "Magnit":
Ratification of the major related party transaction;
Ratification of the related party transactions;
- To hold EGM in the form of the joint-presence to discuss the agenda items and adopt decisions on items put to the vote with preliminary submission (delivery) of the voting ballots prior to the date of the general shareholders' meeting;
- To appoint EGM on January 20, 2008, at 11 AM, to appoint the registration of the meeting participants on January 20, 2008, 10 AM;
- To hold the meeting at the address: conference hall, 3rd floor, 15/2 Solnechnaya str., Krasnodar, 350072, Russia;
- To define the postal address to forward the completed voting ballots: 15/2 Solnechnaya str., Krasnodar, 350072, Russia;
- To instruct the registrar of the Company - OJSC "United Registry Company" - to make a list of persons entitled to participate in EGM according to the register as of December 03, 2008
- To ratify the form and the text of the voting ballot on the items at EGM;
- To ratify the text of the announcement of EGM and deliver it via registered mail or against signature to each shareholder of the company by December 20, 2008 inclusively;
- To ratify the following list of information materials to be presented for shareholders' examination during the period of preparation for EGM:
draft decisions on the agenda items of EGM;
information on the transactions' essentials which are submitted for EGM approval;
draft of the OJSC «Magnit» Charter in the new edition.
- To instruct the sole executive body to provide access to the above listed information materials from December 21, 2008, from 10 AM to 5 PM (break from 12:30 to 13:30) at the addresses:
- CEO's office, 185 Levanevskogo str., Krasnodar, Russia, and
- CEO's office, 15/2 Solnechnaya str., Krasnodar, Russia
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 a holding company for a group of entities that operate in the retail trade under the "Magnit" name. The chain of "Magnit" stores is one of the leading operators in the Russian food retail market. As of September 30, 2008 the chain consisted of 2,394 convenience stores and 11 hypermarkets in 796 locations in the Russian Federation.
Approximately two-thirds of the Company's stores are located in cities with a population of less than 500 thousand. Most of its stores are located within the Southern, Central and Volga regions. The Company also operates stores in the North-Western and Urals regions.
As of September 30, 2008 the Company operated an in-house logistics system consisting of 8 distribution centers, employing automated stock replenishment systems and a fleet of 1,133 vehicles.
In accordance with the unaudited IFRS consolidated financial statements for 9M 2008, the Company posted consolidated revenues of approximately US$ 3,881 million and a consolidated EBITDA of around US$ 265 million.
Related Shares:
MGNT.L