26th Jun 2008 08:00
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY IN THE UNITED STATES OF AMERICA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 "Company")
RESULT OF ANNUAL GENERAL SHAREHOLDERS MEETING
(LONDON, 26 June 2008) - PIK Group (LSE: PIK), one of Russia's leading residential real estate developers, held its Annual General Meeting of Shareholders on June 25 2008.
Resolutions approved at the annual general shareholders meetings are summarised below:
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1. |
Approval of the Russian statutory 2007 annual report and the RGAAP nonconsolidated financial statements of PIK Group for the year ended December 31, 2007 in accordance with Russian statutory requirements; |
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2. |
Approval of non-dividend payments for 2007 financial year as per RGAAP financial statements. Net profit is to be reinvested into the Company; |
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3. |
Approval of the number of members of the Board of Directors, which is set at 9 Directors; |
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4. |
Approval of the election of the following members of the Board of Directors: |
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1. Yury V. Zhukov
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Chairman of the Board of Directors of PIK Group |
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2. Sergey V. Kanaev
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First Vice-President of PIK Group |
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3. Kirill V. Pisarev
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CEO, President of PIK Group |
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4. Artem S. Eyramdzhants
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COO, First Vice-President of PIK Group |
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5. Lee S. Timmins |
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Hines International Corporation, Head of Moscow Representative Office
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6. Anselm O. Schmucki |
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Moscow Representative Office of UBS, Director and Senior Representative
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7. Sen Shanti
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Citi Alternative Investments (New York), Managing Director |
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8. Paul R. Sobel |
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Alfa Capital Partners Ltd., Director of Moscow Representative Office
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9. Alec Maryanchik
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Clever Asset Management, General Director |
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1. Approval of the members of the Audit Commission: |
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Valery P. Ropay |
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Head of Control and Audit Division of PIK Group |
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Dmitry V. Nazarov |
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Director of Investment Policy Department of PIK Group |
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Elena A. Krutitskaya |
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Director of Strategic Development Department of PIK Group |
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2. |
Approval of the audit firm of the RGAAP financial statements of the Company for 2008; |
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3. |
Approval of related party transactions as per Russian statutory requirements |
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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Investor Relations |
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Citigate Dewe Rogerson |
Tel: +44 20 7638 9571 |
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Tom Baldock |
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Lindsay Noton |
-END-
NOTES TO EDITORS
PIK Group Overview
Founded in 1994, PIK is one of the leading vertically integrated residential developers with presence in over 20 cities across Russia. 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.
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 2007 rose by 75% and equalled US$2.7 billion, while EBITDA for 2007 amounted to US$939 million. Net profit was US$700 million in 2007 compared to US$ 298 million in 2006.
According to CBRE, an independent appraiser, the combined market value of the Group's properties valued as of January 1, 2008 was $12.3 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