DJ PJSC Magnit Announces the Board of Directors' Resolutions, Including the Decision to Call the EGM and Determination of the Record Date
MAGNIT PJSC (MGNT)
PJSC Magnit Announces the Board of Directors' Resolutions, Including the
Decision to Call the EGM and Determination of the Record Date
18-Nov-2020 / 18:00 MSK
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Press Release | Krasnodar | November 18, 2020
PJSC Magnit Announces the Board of Directors' Resolutions, Including the
Decision to Call the EGM and Determination of the Record Date
Krasnodar, Russia (November 18, 2020): Magnit PJSC (MOEX and LSE: MGNT;
"Company"), one of Russia's leading retailers, announces the resolutions of
the Board of Directors taken at the meeting held on November 16, 2020.
The Board has made a decision to call the Extraordinary General Shareholders
Meeting (the EGM) in the form of absentee voting. Among other items, the
agenda will include the consideration of the dividend payment in January
2021, based on the 9M 2020 financial results. The Board has recommended to
pay dividends on PJSC Magnit shares in the amount of RUB 24,999,874,495.05
which constitutes RUB 245.31 per one ordinary share, and set January 8, 2021
as a dividend record date.
? The EGM record date: December 1, 2020.
? Voting ballots acceptance deadline: December 24, 2020.
? Postal address to send the completed voting ballots: 15/5 Solnechnaya
Street, Krasnodar, 350072, Russia.
Magnit President and CEO Jan Dunning commented: "We experienced a quite
challenging and unpredictable year throughout which we managed to improve
store performance resulting in increased sales and improved margins. This
comes in combination with stronger cash generation, improved working capital
dynamics, a temporary slowdown of investments into expansion due to the
pandemic (which have been already resumed) and a reduced debt burden.
Although we continue to bear pandemic-related costs and strive to keep our
offering affordable to customers, excellent performance has allowed the
Board to provide the above recommendation to the EGM to distribute the cash
surplus to stakeholders".
The Board has considered and approved an additional member of the Management
Board of PJSC Magnit increasing the Management Board to 9 members, starting
on November 20, 2020. The Board has approved Anna Meleshina for election to
the Management Board. Ms. Meleshina joined the Company in May 15, 2019 and
now holds a position of a Director for Corporate Relations and
Sustainability in JSC Tander.
The Board of Directors approved the change of the total number of
participants of the Long-Term Incentive Program for the key employees of JSC
Tander and PJSC Magnit (hereinafter - the LTI Program), as well as the List
of Positions of Employees of JSC Tander and PJSC Magnit, covered by the
Program, as amended, and included into the list the new participants of the
LTI Program.
Items of the agenda of PJSC "Magnit" Board of Directors are related to the
exercise of rights on ordinary registered uncertified shares, state
registration number 1-01-60525-P of 04.03.2004, International Stock
Identification Number (ISIN) RU000A0JKQU8.
Please follow the link below to view full results of the Board meeting:
? http://www.e-disclosure.ru/portal/company.aspx?id=7671 (in Russian
language);
? https://www.magnit.com/ru/disclosure/regulatory-news/ [1] (in Russian
language);
? https://www.magnit.com/en/disclosure/regulatory-news/tabs-Disclosure
[2] (in English)
This announcement contains inside information which is disclosed in
accordance with the Market Abuse Regulation which came into effect on 3 July
2016.
For further information, please contact:
Dmitry Kovalenko
Director for Investor Relations
Email: dmitry_kovalenko@magnit.ru
Office: +7 (861) 210-48-80
Dina Chistyak
Director for Investor Relations
Email: dina_chistyak@magnit.ru
Office: +7 (861) 210-9810 x 15101
Media Inquiries
Media Relations Department
Email: press@magnit.ru
Note to editors:
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, 2020, Magnit operated 38 distribution
centres and 21,154 stores (14,699 convenience, 469 supermarkets and 5,986
drogerie stores) in 3,819 cities and towns throughout 7 federal regions of
the Russian Federation.
In accordance with the unaudited IFRS 16 management accounts results for 1H
2020, Magnit had revenues of RUB 763.4 billion and an EBITDA of RUB 86.9
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.
Forward-looking statements:
This document contains forward-looking statements that may or may not prove
accurate. For example, statements regarding expected sales growth rate,
store openings and future transactions are forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties
and other important factors that could cause actual results to differ
materially from what is expressed or implied by the statements. Any
forward-looking statement is based on information available to Magnit as of
the date of the statement. All written or oral forward-looking statements
attributable to Magnit are qualified by this caution. Magnit does not
undertake any obligation to update or revise any forward-looking statement
to reflect any change in circumstances.
ISIN: US55953Q2021
Category Code: MSCU
TIDM: MGNT
LEI Code: 2534009KKPTVL99W2Y12
OAM Categories: 2.2. Inside information
Sequence No.: 88123
EQS News ID: 1149207
End of Announcement EQS News Service
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November 18, 2020 10:00 ET (15:00 GMT)
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