22nd Apr 2010 07:00
Sistema (the "Group") (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, which invests in and is a major shareholder of companies operating in different industries, today announced that the Board of Directors (the "Board") set the date for the Annual General Meeting of Shareholders ("AGM") for June 26, 2010. The record date for the Company's share and GDR holders entitled to participate in the AGM has been set for May 14, 2010.
The Board recommended the AGM to consider the following:
1. Approve the Company's Annual Report and Russian Accounting Standards annual financial statements for 2009;
2. Approve the amount, terms, form and timing of dividend payment;
3. Elect members of the Audit Commission;
4. Elect members of the Board of Directors;
5. Approve Sistema's Russian Accounting Standards and US GAAP auditors;
6. Adopt a new edition of the Company's Charter;
7. Adopt a new edition of the Company's Regulation on General Meeting of shareholders.
The Board of Directors recommended a dividend of RUB 0.055 per share, or approximately US$ 0.0381 per Global Depositary Receipt ("GDR"), to be paid to shareholders of record within 60 days of the approval by the AGM. The total dividend payment which is expected to be made equals RUB 530,750,000.00, or approximately US$ 18.2 million2.
The Board also recommended appointing CJSC BDO as Russian statutory auditors of the Company and Deloitte & Touche CIS as auditors of Sistema's US GAAP financial results.
Further information with regard to the AGM and other related issues will be available from May 26, 2010 on Sistema's website at www.sistema.com or by request at Sistema's office at: 17/9 Prechistenka Street, Moscow 119034, Russia.
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For further information, please visit www.sistema.com or contact:
| Sistema Investor Relations | Shared Value Limited | ||
| Pavel Kim | Larisa Kogut-Millings | ||
| Tel: +7 495 692 22 88 | Tel: +44 (0) 20 7321 5010 | ||
Sistema is the largest public diversified financial corporation in Russia and the CIS, which manages companies serving over 100 million customers in the sectors of telecommunications, high technology, oil and energy, radars and aerospace, banking, retail, mass-media, tourism and healthcare services. Founded in 1993, the company reported revenues of US$ 5.3 billion for the third quarter of 2009, and total assets of US$ 42.0 billion as at September 30, 2009. Sistema's shares are listed under the symbol "SSA" on the London Stock Exchange, under the symbol "AFKS" on the Russian Trading System (RTS), under the symbol "AFKC" on the Moscow Interbank Currency Exchange (MICEX), and under the symbol "SIST" on the Moscow Stock Exchange (MSE).
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 Sistema. 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. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. In addition, there is no assurance that the new contracts entered into by our subsidiaries referenced above will be completed on the terms contained therein or at all. We do not intend 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 our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to Sistema and its operations.
1 Based on the Russian Central Bank exchange rate as at April 22, 20102 Based on the Russian Central Bank exchange rate as at April 22, 2010
Copyright Business Wire 2010
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