29th Apr 2009 07:00
Press-releaseKrasnodarApril 29, 2009
OJSC "Magnit" announces the results of the BOD meeting held on April 27, 2009
Krasnodar, April 29, 2009: OJSC «Magnit» (the "Company"; RTS, MICEX, LSE: MGNT) is pleased to announce the results of the BOD meeting held on April 27, 2009.
At the meeting of the OJSC "Magnit" board of directors of April 27, 2009 the following decisions were adopted:
On the second item of the agenda:
«To approve the recommendations to the general shareholders' meeting of the Company on the distribution of profit, including the dividend amount on shares of OJSC "Magnit" and it's payment procedure, and losses of the Company according the results of 2008 financial year (annexes 2, 4 to the Minutes)»;
On the third item of the agenda:
«To approve the recommendations to the general shareholders' meeting of the Company on the distribution of profit, including the dividend amount on shares of OJSC "Magnit" and it's payment procedure, and losses of the Company according the results of the 1Q of 2009 financial year (annexes 3,4 of the Minutes)».
According to the indicated documents the Board of directors recommends to the general shareholders' meeting, in particular:
To pay dividends according to results of 2008 financial year and 1Q 2009 in the amount of 6.22 rubles on one share.
To determine the dividend payment term - within 60 days from the moment of making the correspondent decision by the general shareholders' meeting.
To effect the dividend payment with cash funds with the involvement of the Registrar of the Company - OJSC "United Registration Company" as the body providing services on dividend payment (15A, Kalanchevskaya str., Moscow).
In case of the return to OJSC "Magnit" of the transferred dividends as the result of incorrect bank details in the register of shareholders of OJSC "Magnit" or as the result of death of a shareholder, the repeated dividend payment shall be effected after the submission to the OJSC "United Registration Company" of the information on change of payment details and other details and inclusion of the corresponding changes to the register of OJSC "Magnit" shareholders.In case of return of dividends sent by mail payment transfer, the repeated dividend payment shall be effected by means of bank transfer to the account after submission by shareholder of bank details to the OJSC "United Registration Company" and their inclusion to the shareholders register of OJSC "Magnit".
The dividend transfer by any means is effected at the expenses of OJSC "Magnit".
The list of persons entitled to receive dividends shall be executed on the date of the execution of the list of persons entitled to participate in annual general shareholders' meeting of OJSC "Magnit" - May 08, 2009.
On the fourth item of the agenda:
To call the OJSC "Magnit" annual general shareholders' meeting;
On the fifth item of the agenda:
"To approve the agenda of the annual general shareholders' meeting of OJSC "Magni" as follows":
1. «The ratification of the annual report, annual accounting reportб including the profit and loss statements of OJSC "Magnit", and distribution of profits and losses of OJSC "Magnit" according to the 2008 financial year results».
2. «The distribution of profit and loss of OJSC "Magnit" according to the 1Q 2009 results».
3. «Election of the OJSC "Magnit" Board of directors».
4. «Election of the OJSC "Magnit" Revision committee».
5. «Approval of the Auditor of OJSC "Magnit"».
6. «Approval of the IFRS Auditor of OJSC "Magnit"».
7. «Election of the Counting Board of OJSC "Magnit"».
8. «Approval of related-party transactions».
On the sixth item of the agenda:
«To hold meeting in the form of joint presence of the shareholders to discuss agenda items and adopt decisions on the voting issues with the preliminary submission of the voting ballots prior to the general meeting of shareholders»
On the seventh item of the agenda:
«To appoint the annual shareholders' meeting on June 25, 2009 at 11 AM, to appoint the registration on June 25, 2009 at 10 AM.
Venue: 3-rd floor, conference hall, 15/2 Solnechnaya street, Krasnodar, Russia,.
To determine the address for sending of the ballots: 15/2 Solnechnaya Street, Krasnodar, 350072, Russia».
On the eighth item of the agenda:
"To authorize the registrar of the Company - OJSC "United Registration Company" - to make the list of persons entitled to participate in annual general shareholders' meeting according to the register as of May 8, 2009".
On the ninth item of the agenda:
"To approve the form and content of the voting bulletins (Appendix 1 to the present minutes) for the general meeting of shareholders regarding the agenda items".
On the tenth item of the agenda:
"To approve the text of the announcement of the annual shareholders' meeting and deliver it by registered mail or to hand it against signature to each shareholder before May 25, 2009 inclusive".
On the eleventh item of the agenda:
«To approve the following list of materials that will be presented for the shareholders' consideration during the preparation to the extraordinary general shareholders' meeting:
- OJSC "Magnit" annual report for the 2008 financial year;
- OJSC "Magnit" annual accounting report for the 2008 financial year, including auditor's report;
- OJSC "Magnit" 2008 consolidated financial statements prepared according to IFRS, including auditor's report;
- OJSC "Magnit" revision committee's report on the results of audit of financial and operating activity of the Company for the 2008 financial year;
- appraisal of the auditor's report on the consolidated financial statements of OJSC "Magnit" for the year 2008 prepared by the auditing committee of the Board of directors of OJSC "Magnit";
- recommendations of the Board of directors on the distribution of profit and losses, including the dividend amount on shares of OJSC "Magnit" and payment procedure, losses of the Company for the 2008 financial year;
- recommendations of the Board of directors of the Company on the dividend amount on shares of OJSC Magnit and payment procedure;
- information on the candidates nominated to the corresponding bodies of OJSC "Magnit" and on presence or absence of their written consent to be elected;
- information on the candidates nominated to the auditor position of OJSC "Magnit";
- information on transactions the approval of which is included into the agenda of the general shareholders' meeting;
- draft decisions of the agenda items of the annual general shareholders' meeting.
To instruct the sole executive body to provide access to the information materials hereof starting May 26, 2009 from 10 AM to 5 PM (break from 12:30 AM to 1:30 PM) at the following addresses:
- 18 Kolkhoznaya street, Krasnodar, Russia, CEO's office; and
- 15/2 Solnechnaya street, Krasnodar, Russia, CEO's office."
The minutes w/o N are recorded as of April 28, 2009.
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 December 31, 2008 the chain consisted of 2,568 convenience stores and 14 hypermarkets in 856 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 December 31, 2008 the Company operated an in-house logistics system consisting of 9 distribution centers, employing automated stock replenishment systems and a fleet of 1,165 vehicles.
In accordance with the audited IFRS consolidated financial statements for 2008, the Company posted consolidated revenues of approximately US$ 5,348 million and a consolidated EBITDA of around US$ 402 million
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