19th Sep 2008 07:00
Press-release
Krasnodar
September 19, 2008
OJSC "Magnit" announces the results of the board meeting
Krasnodar, September 19, 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 September 18, 2008. The record date for persons entitled to participate in the extraordinary general shareholders' meeting of November 05, 2008 was fixed as of September 18, 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;
Ratification of the OJSC "Magnit" Charter in the new edition;
- 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 November 05, 2008, at 11 AM, to appoint the registration of the meeting participants on November 05, 2008, 11 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 September 18, 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 October 06, 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 October 06, 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 June 30, 2008 the chain consisted of 2,312 convenience stores and 9 hypermarkets in more than 760 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 June 30, 2008 the Company operated an in-house logistics system consisting of 8 distribution centers, employing automated stock replenishment systems and a fleet of 1,030 vehicles.
In accordance with the audited IFRS consolidated financial statements for 1H2008, the Company posted consolidated revenues of approximately US$ 2,470 million and a consolidated EBITDA of around US$ 158 million.
Related Shares:
MGNT.L