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MAGNIT PJSC (MGNT)
MAGNIT PJSC: BoD Meeting Results -
22-Nov-2017 / 15:44 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Press Release
Krasnodar
November 22, 2017
Magnit Announces the Results of the BOD Meeting
Krasnodar, November 22, 2017: Magnit PJSC, one of Russia's leading retailers
(the "Company", "Issuer"; MOEX and LSE: MGNT), is pleased to announce the
results of the BOD meeting held on November 22, 2017.
Please be informed that on November 22, 2017 the BOD meeting was held
(minutes of the BOD meeting of PJSC "Magnit" are w/o No. of November 22,
2017).
The meeting agenda:
1) Determination of the position of the PJSC "Magnit" representative at
the exercise of the voting right on the JSC "Tander" shares in the charter
capital owned by the Company.
2) On changing the terms and conditions of the contract made with the
person exercising the powers of the sole executive body of PJSC "Magnit".
The following BOD members were present: V. Gordeychuk, S. Galitskiy, K.
Pombukhchan,
A. Shkhachemukov.
A. Aleksandrov, D. Chenikov and A. Pshenichniy provided their written
opinions on the items of the agenda of the BOD meeting of PJSC "Magnit".
The number of the BOD members participating in the meeting, including
written opinions of
A. Aleksandrov, D. Chenikov and A. Pshenichniy 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.
Voting Results:
Items 1-2:
V. Gordeychuk - "for", A. Aleksandrov - "for", S. Galitskiy - "for", D.
Chenikov - "for", K. Pombukhchan - "for", A. Pshenichniy - "for", A.
Shkhachemukov - "for".
The decisions were made.
Content of the decisions and voting results:
Item 1 on the agenda:
"To recommend the sole executive body of PJSC "Magnit", which is the sole
shareholder of JSC Tander, to make the following decision at the exercise of
the voting right on shares in the charter capital of JSC "Tander" owned by
the Company:
"According to the article 14.2 of the Charter of JSC "Tander" to approve the
agreement for granting of a loan in the form of the revolving loan line as
of November 20, 2017 (hereinafter - the Loan Agreement) executed by JSC
"Tander" (hereinafter - the Borrower) with Sergey Galitskiy (hereinafter -
the Lender) and related to acquisition, disposal and possible direct or
indirect company's disposal of the property, the cost of which amounts to 5
and more percent of the balance sheet value of assets of the company, its
subsidiaries, the principal company (in relation to which the company is a
subsidiary), as well as other subsidiaries of the principal company (the
"Group"), determined on the basis of the latest available consolidated
statements of the Group, prepared in compliance with the International
Financial Reporting Standards with the following essentials:
1. Parties to the Loan Agreement: the Lender - Sergey Galitskiy, the
Borrower - JSC "Tander".
2. Subject of the Loan Agreement: the Lender shall provide the loan to the
Borrower in the form of the revolving loan line in the amount of
44,000,000,000 (Forty four billion) rubles, and the Borrower shall repay the
loan amount and accrued interest. The revolving loan line entitles the
Borrower to receive and use funds in the amount not exceeding the
established limit within the limited period, and it is renewable upon the
loan amount repayment.
4. The interest rate under the Loan Agreement (per annum): 0.26 (zero point
two six) percent.
5. The Loan Agreement shall remain in force till March 1, 2018.
Hereby to provide the Chief Executive Officer of JSC "Tander" with the right
to sign additional agreements to the Loan Agreement, which change the terms
and conditions of the loan, including but not limited to the change of the
interest rates, the loan amount and the term of the loan provision within
the limits hereof".
Item 2 on the agenda:
"To approve the additional agreement to the agreement with the person
exercising powers of the sole executive body of PJSC Magnit as follows -
"Agreement of the parties No. 16 on the amendment of the terms of the
Employment agreement specified by the parties dated April 13, 2006" (Annex
No. 1 to the minutes of the Board of directors meeting), to authorize
Khachatur Pombukhchan, the Chairman of the PJSC "Magnit" BOD, to sign the
Agreement on behalf of the Company".
For further information, please contact:
Timothy Post Head of Investor Relations
Email: post@magnit.ru
Office: +7-861-277-4554 x 17600
Dina Svishcheva Deputy Director, Investor Relations
Email: Chistyak@magnit.ru
Office: +7-861-277-4554 x 15101
Media Inquiries Media Relations Department
press@magnit.ru
Company description:
Public Joint Stock Company "Magnit" is one of Russia's leading retailers.
Founded in 1994, the company is headquartered in the southern Russian city
of Krasnodar. As of September 30, 2017, Magnit operated 36 distribution
centers and 15,697 stores (11,743 convenience, 432 hypermarkets and 3,522
drogerie stores) in 2,664 cities and towns throughout 7 federal regions of
the Russian Federation.
In accordance with the reviewed IFRS consolidated financial statements for
1H 2017, Magnit had revenues of RUB 555 billion and an EBITDA of RUB 49
billion. Magnit's local shares are traded on the Moscow Exchange (MOEX:
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.
ISIN: US55953Q2021
Category Code: MSCU
TIDM: MGNT
LEI Code: 2534009KKPTVL99W2Y12
OAM Categories: 3.1. Additional regulated information required to be
disclosed under the laws of a Member State
Sequence No.: 4903
End of Announcement EQS News Service
631873 22-Nov-2017
(END) Dow Jones Newswires
November 22, 2017 09:45 ET (14:45 GMT)
