Press-release
Krasnodar
August 1, 2014
OJSC "Magnit" Announces the Results of the BOD Meeting, Including the Decision
to Call the EGM and Determination of the Record Date
Krasnodar, August 1, 2014: OJSC "Magnit", Russia's largest food retailer (the
"Company", "Issuer"; MICEX and LSE: MGNT), is pleased to announce the results
of the BOD meeting held on July 31, 2014.
Please be informed that on July 31, 2014 the BOD meeting was held (minutes of
the BOD meeting of OJSC "Magnit" are w/o No. of July 31, 2014).
The meeting agenda:
1. Approval of recommendations to the general shareholders meeting of the
Company on the dividend amount on OJSC "Magnit" shares following the 6
months of 2014 financial year results, the procedure of its payment and the
date as of which the shareholders entitled to receive dividends are
determined.
2. Calling of the extraordinary general shareholders meeting ("the EGM") of
OJSC "Magnit".
3. Approval of the agenda of the EGM of OJSC "Magnit".
4. Approval of the form of holding of the EGM of OJSC "Magnit".
5. Determination of the date, time and venue of the EGM of OJSC "Magnit" and
the postal address to send the filled voting ballots.
6. Determination of the date of the list of shareholders entitled to
participate in the EGM of OJSC "Magnit".
7. Approval of the form and the text of the voting ballots on the items to be
considered at the EGM of OJSC "Magnit".
8. Approval of the procedure of notification of shareholders of the holding of
the EGM of OJSC "Magnit".
9. Approval of the list of information (materials) provided to shareholders to
prepare to the holding of the EGM of OJSC "Magnit", and the procedure of
its provision.
10. Determination of the recommended price for major related party transactions
to be approved by the EGM of OJSC "Magnit".
11. Determination of the recommended price for related party transactions to be
approved by the EGM of OJSC "Magnit".
12. Approval of the related party transactions.
The following BOD members were present: S. Galitskiy, K. Pombukhchan and
A. Shkhachemukov
A. Arutyunyan, A. Zayonts, A. Makhnev and A. Pshenichniy and provided their
written opinions on the items of the agenda of the BOD meeting of OJSC
"Magnit".
The number of the BOD members participated in the meeting, including written
opinions of A. Arutyunyan, A. Zayonts, A. Makhnev and A. Pshenichniy and
amounts to not less than half of the number of the BOD members determined by
the Charter of the Company.
Quorum to hold the BOD meeting with this agenda is present.
Content of the decisionsand voting results:
Item 1 on the agenda:
"To approve recommendations to the general shareholders meeting of the Company
on the dividend amount on OJSC "Magnit" shares following the 6 months of 2014
financial year results, the procedure of its payment, and the date as of which
the shareholders entitled to receive dividends are determined".
According to the recommendations of the OJSC "Magnit" Board of directors, to
allocate part of the net profit of the Company for the 6 months of 2014 for the
dividend payment:
To pay dividends on OJSC "Magnit" ordinary registered shares in the amount of
7,404,154,096.50 rubles (seven billion four hundred and four million one
hundred and fifty four thousand ninety six rubles fifty kopecks), which amounts
to 78.3 rubles (seventy eight rubles thirty kopecks) per share;
It was recommended to the EGM of OJSC "Magnit" to approve the following
procedure of dividends payment:
1) Payment of dividends shall be executed pursuant to the procedure and within
the time limit established by the legislation of the Russian Federation.
2) Payment of dividends shall be executed by monetary funds with the
involvement of the Registrar of the Company - Open joint-stock company
"Obiedinennaya registratsionnaya kompaniya" (Taxpayer Id. Number 7705108630,
Principal State Registration Number 1027700036540) as the entity rendering
services in dividend payment.
3) To secure the receipt of dividends, the shareholders of OJSC "Magnit" shall
update personal details and other information relevant for the dividend
payment, should they change, in the register of shareholders of OJSC "Magnit"
or in the relevant depositary.
It is recommended to the EGM of OJSC "Magnit" to appoint October 10, 2014 as
the date as of which the shareholders entitled to receive dividends are
determined."
Votes were cast as follows:
A. Arutyunyan - "for", S. Galitskiy - "for", A. Zayonts - "for", A. Makhnev -
"for", K. Pombukhchan - "for", A. Pshenichniy - "for", A. Shkhachemukov -
"for".
The decision was made.
Item 2 on the agenda:
"To call the EGM of OJSC "Magnit".
Votes were cast as follows:
A. Arutyunyan - "for", S. Galitskiy - "for", A. Zayonts - "for", A. Makhnev -
"for", K. Pombukhchan - "for", A. Pshenichniy - "for", A. Shkhachemukov -
"for".
The decision was made.
Item 3 on the agenda:
"To ratify the following agenda of the AGM of OJSC "Magnit":
1. "Payment of dividends on OJSC "Magnit" shares following the 6 months of 2014
financial year results".
2. "Ratification of the Charter of OJSC "Magnit" in the new edition".
3. "Ratification of Regulation on the General shareholders meeting of OJSC
"Magnit" in the new edition".
4. "Approval of the major related party transactions".
5. "Approval of the related party transactions".
Votes were cast as follows:
A. Arutyunyan - "for", S. Galitskiy - "for", A. Zayonts - "for", A. Makhnev -
"for", K. Pombukhchan - "for", A. Pshenichniy - "for", A. Shkhachemukov -
"for".
The decision was made.
Item 4 on the agenda:
"To hold the EGM in the form of meeting (joint presence of shareholders to
discuss the agenda items and make decisions on the voting items with
preliminary submission (delivery) of voting ballots prior to the holding of the
EGM)".
Votes were cast as follows:
A. Arutyunyan - "for", S. Galitskiy - "for", A. Zayonts - "for", A. Makhnev -
"for", K. Pombukhchan - "for", A. Pshenichniy - "for", A. Shkhachemukov -
"for".
The decision was made.
Item 5 on the agenda:
"To appoint the EGM on September 25, 2014 at 11:00 AM, to appoint the
registration of the meeting participants on September 25, 2014 at 10:00 AM.
Venue: 3-rd floor, conference hall, 15/5 Solnechnaya street, Krasnodar, Russia.
To determine the address to which the completed voting ballots shall be
delivered: 15/5 Solnechnaya street, Krasnodar, 350072, Russia".
Votes were cast as follows:
A. Arutyunyan - "for", S. Galitskiy - "for", A. Zayonts - "for", A. Makhnev -
"for", K. Pombukhchan - "for", A. Pshenichniy - "for", A. Shkhachemukov -
"for".
The decision was made.
Item 6 on the agenda:
"To authorize the registrar of the Company - OJSC "Objedinennaya
registratsionnaya kompaniya" - to make the list of shareholders entitled to
participate in the EGM according to the register as of August 12, 2014".
Votes were cast as follows:
A. Arutyunyan - "for", S. Galitskiy - "for", A. Zayonts - "for", A. Makhnev -
"for", K. Pombukhchan - "for", A. Pshenichniy - "for", A. Shkhachemukov -
"for".
The decision was made.
Item 7 on the agenda:
"To approve the form and the text of the voting ballots on agenda items which
shall be considered at the EGM".
Votes were cast as follows:
A. Arutyunyan - "for", S. Galitskiy - "for", A. Zayonts - "for", A. Makhnev -
"for", K. Pombukhchan - "for", A. Pshenichniy - "for", A. Shkhachemukov -
"for".
The decision was made.
Item 8 on the agenda:
"To approve the text of the announcement of the EGM and to deliver it by
registered mail or to submit against signature to each shareholder of the
company prior to August 25, 2014 inclusive".
Votes were cast as follows:
A. Arutyunyan - "for", S. Galitskiy - "for", A. Zayonts - "for", A. Makhnev -
"for", K. Pombukhchan - "for", A. Pshenichniy - "for", A. Shkhachemukov -
"for".
The decision was made.
Item 9 on the agenda:
"To approve the following list of information materials to be presented to the
shareholders within the period of preparation for the EGM:
- recommendations of the Board of Directors of the Company on the dividend
amount on OJSC "Magnit" shares following the 6 months of 2014 financial year
results, the procedure of its payment, and the date as of which the
shareholders entitled to receive dividends are determined;
- draft Charter of OJSC "Magnit" in the new edition;
- information on the amendments to the Charter of OJSC "Magnit";
- draft Regulation on the General shareholders meeting of OJSC "Magnit" in the
new edition;
- information on the amendments to the Regulation on the General shareholders
meeting of OJSC "Magnit";
- information on transactions to be approved by the EGM;
- draft decisions of the EGM on the agenda items.
To authorize the sole executive body to provide access to the above mentioned
information materials starting from September 4, 2014 from 10:00 AM to 5:00 PM
(break from 12:00 PM to 1:00 PM) in OJSC "Magnit" headquarters at the following
address: 15/5 Solnechnaya street, Krasnodar, Russia, tel. (861) 210-98-10 x
14992".
Votes were cast as follows:
A. Arutyunyan - "for", S. Galitskiy - "for", A. Zayonts - "for", A. Makhnev -
"for", K. Pombukhchan - "for", A. Pshenichniy - "for", A. Shkhachemukov -
"for".
The decision was made.
Item 10.1 on the agenda:
"Due to the fact that the loan agreement (several related loan agreements),
which the Company plans to execute in future with the joint-stock company
"Tander", is the major related party transaction, the price of the property, to
the possible disposal of which the granting of the loan is related, is to be
determined by the Company's Board of Directors.
According to articles 77 and 83 of the Federal law as of December 26, 1995 №
208-FZ "On joint-stock companies" to decide that the price (money value) of the
Company's property, which can be directly or indirectly disposed by the Company
under the loan agreement (several related loan agreements), shall be determined
on the basis of the following terms and conditions of the agreement, which the
Company plans to execute in future:
1. Parties of the transaction (transactions): the lender - OJSC "Magnit", the
borrower - JSC "Tander";
2. Subject of the transaction (transactions): loan of funds;
3. Maximum price (amount) of the transaction (transactions): up to
35,000,000,000 (thirty five billion) rubles;
4. Loan interest rate: not more than 12% (twelve percent) per annum;
5. Time limit for the fulfillment of obligations under the transaction
(transactions): up to 3 (three) years from the time of its conclusion (the time
of repayment of the loan amount and interest).
To decide that the price (money value) of the Company's property, which can be
directly or indirectly disposed by the Company under the loan agreement
(agreements), can amount to 25 and more percent of the book value of the
Company's assets, determined from the data of its financial statements as of
the last reporting date, but not more than 50 percent of the book value of the
Company's assets, determined from the data of its financial statements as of
the last reporting date".
Votes were cast as follows:
A. Arutyunyan - "did not participate in voting", S. Galitskiy - "did not
participate in voting", A. Zayonts - "for", A. Makhnev - "for", K. Pombukhchan
- "for", A. Pshenichniy - "for", A. Shkhachemukov - "for".
The decision was made.
Item 10.2 on the agenda:
"Due to the fact that the guarantee agreements, which the Company plans to
execute in future as security for obligations of Joint-stock company "Tander"
(beneficiary) (hereafter - "the Borrower") to Open joint-stock company
"Sberbank of Russia" (OJSC "Sberbank of Russia") (hereafter - "the Creditor")
under the agreements of revolving and non-revolving lines of credit (hereafter
- "the Credit agreements"), are major related party transactions, the price of
the property, to the possible disposal of which the granting of the guarantee
is related, is to be determined by the Company's Board of directors.
According to articles 77 and 83 of the Federal law as of December 26, 1995 №
208-FZ "On joint-stock companies" to decide that the amount of obligations of
the Company and, subsequently, the price (money value) of the Company's
property, which can be directly or indirectly disposed by the Company under the
guarantee agreements, shall be determined on the basis of the following terms
and conditions of the Credit agreements, which the Borrower plans to execute in
future:
1. Total credit limit for all Credit agreements, which the Borrower plans to
execute in future, shall amount to not more than 24,000,000,000 (twenty four
billion rubles);
2. The credit use period under each credit agreement shall not exceed 3 (three)
years;
3. Interest rate for the credit use including charges shall amount to not more
than 15% (fifteen percent) per annum;
4. Terms, procedure of granting and repayment of the credit amounts, interest
and other payments shall be determined by the relevant Credit agreements;
5. Maximum price (amount) of the guarantee agreements: The Guarantor shall be
fully liable to the Creditor for non-fulfillment or improper fulfillment of
obligations by the Borrower under the Credit agreements, including principal
amount of debt, interest, penalties, losses caused to the Creditor by the
non-fulfillment or improper fulfillment of the Credit agreements.
To decide that the price (money value) of the Company's property, which can be
directly or indirectly disposed by the Company under the guarantee agreements,
can amount to 25 and more percent of the book value of the Company's assets,
determined from the data of its financial statements as of the last reporting
date, but not more than 50 percent of the book value of the Company's assets,
determined from the data of its financial statements as of the last reporting
date".
Votes were cast as follows:
A. Arutyunyan - "did not participate in voting", S. Galitskiy - "did not
participate in voting", A. Zayonts - "for", A. Makhnev - "for", K. Pombukhchan
- "for", A. Pshenichniy - "for", A. Shkhachemukov - "for".
The decision was made.
Item 10.3 on the agenda:
"Due to the fact that the guarantee agreement, which Open joint-stock company
"Magnit" (hereafter - "the Guarantor") plans to execute in future with
Joint-stock commercial bank "Bank of Moscow" (open joint-stock company) -
(hereafter - "the Credit agreement"), as security for obligations of
Joint-stock company "Tander" (beneficiary) (hereafter - "the Borrower") to
Joint-stock commercial bank "Bank of Moscow" (open joint-stock company)
(hereafter - "the Creditor") under the Credit agreement №29-261/15/2651-10-KR
as of September 30, 2010, in consideration of all additional agreements to it
(hereafter - "the Credit agreement"), is a major related party transaction, the
price (money value) of the property, to the possible disposal of which the
granting of the guarantee is related, is to be determined by the Company's
Board of directors.
According to articles 77 and 83 of the Federal law as of December 26, 1995 №
208-FZ "On joint-stock companies" to decide that the amount of obligations of
the Guarantor and, subsequently, the price (money value) of the Guarantor's
property, which can be directly or indirectly disposed by the Company under the
guarantee agreements, shall be determined on the basis of the following terms
and conditions of the Credit agreement:
1. The Credit agreement shall reflect intentions of the Creditor and the
Borrower to execute credit transactions and regulate the approval procedure of
terms and conditions of the credit transactions;
2. Maximum indebtedness of the Borrower under one-time credits provided within
the terms of the Credit agreement, shall amount to not more than 16,000,000,000
(sixteen billion) rubles;
3. Credits within the terms of the Credit agreement shall be provided for the
maximum of 90 (ninety) days;
4. Upon determination of the deadline of repayment of each credit, the whole
indebtedness under credits, provided within the terms of the Credit agreement,
shall be repaid in full not later than April 30, 2016;
5. Interest rate for the credit use including charges amounts to not more than
14% (fourteen percent) per annum;
6. Terms, procedure of granting and repayment of the credit amounts, interest
and other payments shall be determined by the relevant credit transactions
executed on the basis of and within the terms of the Credit agreement.
Maximum price (amount) of the guarantee agreement: The Guarantor shall be fully
liable to the Creditor for non-fulfillment or improper fulfillment of
obligations by the Borrower under the Credit agreement, including principal
amount of debt, interest, penalties, losses caused to the Creditor by the
non-fulfillment or improper fulfillment of the Credit agreement.
The Guarantor shall be liable jointly with the Borrower at the request of the
Creditor for repayment of the received credit (for reimbursement of the
received monetary amount) under the Credit agreement in case of declaration of
its invalidity or repayment of unreasonable gains upon the declaration of the
Credit agreement not concluded in accordance with the procedure established by
law.
To decide that the price (money value) of the Guarantor's property, which can
be directly or indirectly disposed by the Guarantor under the Guarantee
agreement with the Creditor, can amount to 25 (twenty five) and more percent of
the book value of the Company's assets, determined from the data of its
financial statements as of the last reporting date, but not more than 50
(fifty) percent of the book value of the Company's assets, determined from the
data of its financial statements as of the last reporting date".
Votes were cast as follows:
A. Arutyunyan - "did not participate in voting", S. Galitskiy - "did not
participate in voting", A. Zayonts - "for", A. Makhnev - "for", K. Pombukhchan
- "for", A. Pshenichniy - "for", A. Shkhachemukov - "for".
The decision was made.
Item 11.1 on the agenda:
"Due to the fact that the guarantee agreements, which the Company plans to
execute in future as security for obligations of the joint-stock company
"Tander" (beneficiary) (hereafter - "the Borrower") to open joint-stock bank
"ROSBANK" (open joint-stock company) (hereafter - "the Creditor") under the
agreements on revolving lines of credit (hereafter - "the Credit agreements"),
are related party transactions, the price of the property, to the possible
disposal of which the granting of the guarantee is related, is to be determined
by the Company's Board of directors.
According to articles 77 and 83 of the Federal law as of December 26, 1995 №
208-FZ "On joint-stock companies" to decide that the amount of obligations of
the Company and, subsequently, the price (money value) of the Company's
property, which can be directly or indirectly disposed by the Company under the
guarantee agreements, shall be determined on the basis of the following terms
and conditions of the Credit agreements, which the Borrower plans to execute in
future:
1. Total credit limit for all Credit agreements, which the Borrower plans to
execute in future, shall amount to not more than 5,000,000,000 (five billion
rubles);
2. The credit under each Credit agreement shall be provided for the maximum of
3 (three) years;
3. Interest rate for the credit use including charges amounts to not more than
15% (fifteen percent) per annum;
4. Terms, procedure of granting and repayment of the credit amounts, interest
and other payments shall be determined by the relevant Credit agreements;
5. The limit price (amount) of the guarantee agreements: the total amount of
obligations of the Guarantor shall not exceed 7,252,054,795 (seven billion two
hundred and fifty two million fifty four thousand seven hundred and ninety
five) rubles.
The price of the property, to the possible disposal of which the transactions
of guarantee are related, amounts to more than 2%, but not more than 25% of the
book value of the Company's assets, determined from the data of its financial
statements as of the last reporting date".
Votes were cast as follows:
A. Arutyunyan - "did not participate in voting", S. Galitskiy - "did not
participate in voting", A. Zayonts - "for", A. Makhnev - "for", K. Pombukhchan
- "for", A. Pshenichniy - "for", A. Shkhachemukov - "for".
The decision was made.
Item 11.2 on the agenda:
"Due to the fact that the guarantee agreement, which the Company plans to
execute in future as security for obligations of the joint-stock company
"Tander" (beneficiary) (hereafter - "the Borrower") to open joint-stock company
"ALFA-BANK" (hereafter - "the Creditor") under the credit agreement on opening
of the revolving credit line in Russian rubles (hereafter - "the Credit
agreement"), is a related party transaction, the price of the property, to the
possible disposal of which the granting of the guarantee is related, is to be
determined by the Company's Board of directors.
According to articles 77 and 83 of the Federal law as of December 26, 1995 №
208-FZ "On joint-stock companies" to decide that the amount of obligations of
the Company and, subsequently, the price (money value) of the Company's
property, which can be directly or indirectly disposed by the Company under the
guarantee agreement, shall be determined on the basis of the following:
- the guarantee agreement shall secure the fulfillment of obligations by the
Borrower under the Credit agreement which the Borrower plans to execute in
future with the following essentials:
1. The Creditor shall provide the Borrower with monetary funds in Russian
rubles (hereafter - "the Credits") in the form of the revolving credit line
(hereafter - "the Credit line");
2. Within the Credit lines the Borrower shall have a right to receive Credits,
the maximum amount of aggregate debt on which on any day of the term of the
Credit line comprises not more than 4,000,000,000 (four billion) rubles
("Credit limit");
3. The term of each Credit line shall not exceed 51 (fifty one) months, the
Borrower shall repay all received Credits no later than the date of expiration
of the term of the relevant Credit line;
4. Credits within the term of each Credit line shall be provided for not more
than 36 (thirty six) months;
5. Interest rate: not more than 15 (fifteen) percent per annum;
6. Terms, procedure of granting and repayment of the Credit amounts (including
the amount of any type of remuneration paid by the Borrower to the Creditor)
shall be determined by the Credit agreement;
Maximum price (amount) of the guarantee agreement: The Guarantor shall be fully
liable to the Creditor for non-fulfillment or improper fulfillment of
obligations by the Borrower under the Credit agreement, including the principal
amount of debt, interest, penalties, losses caused to the Creditor by the
non-fulfillment or improper fulfillment of the Credit agreement;
- the guarantee agreement shall secure the fulfillment of obligations by the
Borrower in case of invalidity of the Credit agreement, fixed by the valid
judgment, on repayment of monetary funds received by the Borrower for the
benefit of the Creditor, and on payment of interest for the use of another's
monetary funds charged on the amount of unreasonable gains of the Borrower.
The price of the property, to the possible disposal of which the guarantee
agreement is related, amounts to more than 2%, but not more than 25% of the
book value of the Company's assets, determined from the data of its financial
statements as of the last reporting date".
Votes were cast as follows:
A. Arutyunyan - "did not participate in voting", S. Galitskiy - "did not
participate in voting", A. Zayonts - "for", A. Makhnev - "for", K. Pombukhchan
- "for", A. Pshenichniy - "for", A. Shkhachemukov - "for".
The decision was made.
Item 11.3 on the agenda:
"Due to the fact that the guarantee agreement, which the Company plans to
execute in future as security for obligations of the joint-stock company
"Tander" (beneficiary) (hereafter - "the Borrower") to open joint-stock company
"ALFA-BANK" (hereafter - "the Creditor") under the credit agreement on opening
of the revolving credit line in Russian rubles (hereafter - "the Credit
agreement"), is a related party transaction, the price of the property, to the
possible disposal of which the granting of the guarantee is related, is to be
determined by the Company's Board of directors.
According to articles 77 and 83 of the Federal law as of December 26, 1995 №
208-FZ "On joint-stock companies" to decide that the amount of obligations of
the Company and, subsequently, the price (money value) of the Company's
property, which can be directly or indirectly disposed by the Company under the
guarantee agreement, shall be determined on the basis of the following:
- the guarantee agreement shall secure the fulfillment of obligations by the
Borrower under the Credit agreement which the Borrower plans to execute in
future with the following essentials:
1. The Creditor shall provide the Borrower with monetary funds in Russian
rubles (hereafter - "the Credits") in the form of the revolving credit line
(hereafter - "the Credit line");
2. Within the Credit lines the Borrower shall have a right to receive Credits,
the maximum amount of aggregate debt on which on any day of the term of the
Credit line comprises not more than 5,000,000,000 (five billion) rubles
("Credit limit");
3. The term of each Credit line shall not exceed 51 (fifty one) months, the
Borrower shall repay all received Credits no later than the date of expiration
of the term of the relevant Credit line;
4. Credits within the term of each Credit line shall be provided for not more
than 36 (thirty six) months;
5. Interest rate: not more than 15 (fifteen) percent per annum;
6. Terms, procedure of granting and repayment of the Credit amounts (including
the amount of any type of remuneration paid by the Borrower to the Creditor)
shall be determined by the Credit agreement;
Maximum price (amount) of the guarantee agreement: The Guarantor shall be fully
liable to the Creditor for non-fulfillment or improper fulfillment of
obligations by the Borrower under the Credit agreement, including the principal
amount of debt, interest, penalties, losses caused to the Creditor by the
non-fulfillment or improper fulfillment of the Credit agreement;
- the guarantee agreement shall secure the fulfillment of obligations by the
Borrower in case of invalidity of the Credit agreement, fixed by the valid
judgment, on repayment of monetary funds received by the Borrower for the
benefit of the Creditor, and on payment of interest for the use of another's
monetary funds charged on the amount of unreasonable gains of the Borrower.
The price of the property, to the possible disposal of which the guarantee
agreement is related, amounts to more than 2%, but not more than 25% of the
book value of the Company's assets, determined from the data of its financial
statements as of the last reporting date".
Votes were cast as follows:
A. Arutyunyan - "did not participate in voting", S. Galitskiy - "did not
participate in voting", A. Zayonts - "for", A. Makhnev - "for", K. Pombukhchan
- "for", A. Pshenichniy - "for", A. Shkhachemukov - "for".
The decision was made.
Item 12 on the agenda:
"To approve the equipment sale and purchase agreement with Joint-stock company
"Tander", which is the related party transaction based on the following terms
and conditions of the sale and purchase agreement:
Parties of the transaction: Seller - OJSC "Magnit", Buyer - JSC "Tander";
Subject of the transaction: the Seller shall transfer the diesel generator/
DGA-100 kW (quantity - 1 item) to the possession of the Buyer, and the Buyer
shall accept the equipment and pay the monetary amount for it.
Price of the transaction: 1,935,200 (one billion nine hundred and thirty five
thousand two hundred) rubles (incl. VAT).
The price of the property, to the possible disposal of which the execution of
the transaction is related, amounts to less than 2% of the book value of the
Company's assets, determined from the data of its financial statements as of
the last reporting date".
Votes were cast as follows:
A. Arutyunyan - "did not participate in voting", S. Galitskiy - "did not
participate in voting", A. Zayonts - "for", A. Makhnev - "for", K. Pombukhchan
- "for", A. Pshenichniy - "for", A. Shkhachemukov - "for".
The decision was made.
For further information, please contact:
Timothy Post Director, Investor Relations
Email: post@magnit.ru
Office: +7-861-277-4554 x 17600
Mobile: +7-961-511-7678
Direct Line: +7-861-277-4562
Dina Svishcheva Deputy Director, Investor Relations
Email: Chistyak@magnit.ru
Office: +7-861-277-45-54 x 15101
Mobile: +7-961-511-0202
Direct Line: +7-861-277-4562
Company description:
Magnit is Russia's largest food retailer. Founded in 1994, the company is
headquartered in the southern Russian city of Krasnodar. As of June 30, 2014,
Magnit operated 24 distribution centers and over 8,600 stores (7,614
convenience, 226 hypermarkets, and 778 drogeries) in approximately 2,000 cities
and towns throughout 7 federal regions of the Russian Federation.
In accordance with the audited IFRS consolidated financial statements for 2013,
Magnit had revenues of $18,202 million USD and an EBITDA of $2,032 million USD.
Magnit's local shares are traded on the Moscow Stock Exchange (MICEX: MGNT) and
its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating
from Standard & Poor's of BB. Measured by market capitalization, Magnit is one
of the largest retailers in Europe.