16th May 2008 07:00
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY IN THE UNITED STATES OF AMERICA
PIK GROUP ("PIK" or "the Company")
NOTIFICATION
OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS
(LONDON, 16 May 2008) - PIK Group (LSE: PIK), one of Russia's leading residential real estate developers announces the annual general meeting of shareholders.
Hereby PIK Group located at the address: bld.1, 19, Barrikadnaya str., Moscow (hereinafter referred to as the «Company») notifies you that the Annual General Meeting of Shareholders of the Company (hereinafter referred to as the «Meeting») will be held in the form of the meeting (joint attendance of the shareholders for the purpose of discussion of the issues on the agenda and taking decisions on issues put to vote) on 25 June 2008, and such Meeting is convened in accordance with the resolution adopted by the Board of Directors of the Company on 15 May 2008, Minutes № 20.
Venue of the Meeting: the Big Hall of the Business Center «Premier Plaza», 3, pereulok Kapranova, Moscow (subway station «Krasnopresnenskaya»).
The meeting will begin at: 11:00 a.m.
Registration of persons participating at the Meeting will commence at: 9:00 a.m.
Agenda of the Meeting:
Approval of the annual report, the annual financial statements, including the profit and loss statement of PIK Group for 2007.
Distribution of profit and loss of PIK Group, including payment (announcement) of dividends based on the results of 2007.
Determination of the quantitative membership of the Board of Directors of PIK Group.
Election of the members of the Board of Directors of PIK Group.
Election of the members of the Audit Commission of PIK Group.
Approval of the Auditors of PIK Group.
Approval of the interested party transactions.
The list of persons entitled to participate at the Meeting will be compiled on: 15 May 2008.
In order to participate at the Meeting, a shareholder or his representative shall have a passport or other document certifying his identity, and a representative of a shareholder shall also have a power of attorney executed pursuant to the requirements of Article 57 of the Federal Law «About Joint Stock Companies».
Persons entitled to participate at the Meeting may review information (materials) of the Meeting starting from 05 June 2008, each business day from 10:00 a.m. until 05:00 p.m. at the address of the Company: bld.1, 19, Barrikadnaya str., Moscow, Corporate Secretary Division.
- ENDS -
Enquiries:
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PIK Group |
Tel: +7 495 505 97 33 ext. 1358 |
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Viktor Szalkay |
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Head of Investor Relations |
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Citigate Dewe Rogerson |
Tel: +44 20 7638 9571 |
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Tom Baldock |
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of PIK. You can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. PIK does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in PIK's projections or forward-looking statements, including, among others, general economic conditions, PIK's competitive environment, risks associated with operating in Russia, rapid technological and market change, and other factors specifically related to PIK and its operations.
NOTES TO EDITORS
PIK Group Overview
Founded in 1994, PIK is one of the leading vertically integrated residential developers in Russia with over 14,000 employees across the country. Its business activities are concentrated in Moscow and the Moscow region with an increasing footprint in many of Russia's other regions. Its principal activity is the development, construction and sale of residential properties in large scale developments targeted primarily at the middle income housing market in Russia.
PIK's core activities include:
development of residential real estate projects and sales of completed units, including servicing and maintenance of residential real estate developed by PIK and other developers;
production and assembly of concrete panel housing in Moscow as a subcontractor for the Moscow city government; and
production and sale of raw materials and construction materials.
Since 2004, PIK has completed over 4 million square meters of residential housing, which is equivalent to approximately 58,000 residential units across Russia.
June 1, 2007, the Group completed successful listings on the London Stock Exchange, the RTS and MICEX exchanges in Russia.
PIK Group's website address is: www.pik.ru
Group Financial Summary
Revenue for 2006 rose by 90% and equalled US$ 1,546 million, while EBITDA for 2006 amounted to US$ 486 million. Net profit was US$ 298 million in 2006 compared to US$ 20 million in 2005.
According to CBRE, an independent appraiser, the combined market value of the Group's properties valued as of January 1, 2007 was $8.8 billion.
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of PIK. You can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. PIK does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in PIK's projections or forward-looking statements, including, among others, general economic conditions, PIK's competitive environment, risks associated with operating in Russia, rapid technological and market change, and other factors specifically related to PIK and its operations.
Related Shares:
PIK.L