28th Apr 2009 07:47
Press-releaseKrasnodarApril 28, 2009
OJSC "Magnit" announces the results of related-party transaction made by the company, the approval of which by management authorized body of the company is required under the legislation of Russian Federation if the price of such transaction exceeds 5 and more per cent of the balance sheet assets of the company
Krasnodar, April 28, 2009: OJSC «Magnit» (the "Company"; RTS, MICEX and LSE: MGNT) is pleased to announce the results of the related-party transaction.
Date of transaction: April 23, 2009 (the data on signing of contracts on behalf of OJSC "ALFA-BANK" were received by the company on April 27, 2009).
Parties of transaction:
The Lender - OPEN JOINT-STOCK COMPANY « ALFA-BANK »;
The Guarantor - open joint-stock company «Magnit».
The beneficiary: close joint-stock company «Tander» (hereinafter - the Borrower).
Subject of transaction: provision of guarantee under contracts № 2/2083361-P and 2/2083288-P according to which the Guarantor shall be fully responsible before the Lender for the non-performance of the Borrower's obligations assumed by the Borrower under Facility Agreements № 2083361 as of 03.04.2009 and № 2083288 as of 23.01.2009
Under the Agreement № 2083288 as of 23.01.2009 CJSC "Tander" is entitled to get credits, the total amount of the non-recurrent indebtedness in any day of the validity period of the Agreement shall not exceed 1,500,000,000 (one billion five hundred million) rubles (the limit of indebtedness);
The Agreement is made for the period till 01.12.2010 (inclusive);
Interest rate: not more than 25 (twenty five) per cent per year;
Penalties: 0.2 % per day of the sum of the outstanding indebtedness for each day in delay payment, but not less than double refinance interest rate valid for the date for which penalties are charged;
Under the Agreement 2083361 dated 03.04.2009 CJSC "Tander" is entitled to get credits, the total amount of the non-recurrent indebtedness in any day of the validity period of the Agreement shall not exceed 500,000,000 (five hundred million) rubles (the limit of indebtedness);
The Agreement is made for the period till 01.12.2010 (inclusive);
Interest rate: not more than 25 (twenty five) per cent per year;
Penalties: 0.2 % per day of the sum of the outstanding indebtedness for each day in delay payment, but not less than double refinance interest rate valid for the date for which penalties are charged;
Price of transaction: the Guarantor is jointly responsible in full to the Lender in case of non-performance or improper performance of the Borrower's obligations under the Agreements № 2083361 as of 03.04.2009 and № 2083288 as of 23.01.2009 on credit in Russian rubles including the main indebtedness, accrued interest, penalties, and losses caused by non-performance or improper performance of the Agreement.
Information on the approval of transaction by authorized body of the company (name of authorized body and date of decision): the transaction was approved by the extraordinary shareholders' meeting of OJSC "Magnit" on 09.04.2009, minutes w/o N as of 17.04.2009.
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
Related Shares:
MGNT.L