28 May 2012 08:40
Federal Grid Announces AGM and EGM
28 May 2012, Moscow - Federal Grid Company of Unified Energy System ("Federal Grid Company" or "the Company") (MICEX-RTS, LSE: FEES), announces that its Board of Directors decided on 25 May 2012 that the FGC Annual General Meeting (AGM) will take place at 12:00 on 29 June 2012 in Moscow at 199 Prospect Mira, building 55.
The Board of Directors approved the following agenda for the AGM:
1) Approval of the Company's annual report;
2) Approval of the Company's annual financial statements;
3) Approval of the distribution of the Company's 2011 profit
4) Approval of the payment (non-payment) of dividends for 2011
5) Approval of remuneration for the Board of Directors members who are not representatives of the Russian Federation government on the basis of the Company's internal policies
6) Election of the Company's Board of Directors
7) Election of the Company's Review Commission
8) Approval of the Company's independent auditor
9) Approval of a new version of the Revision Commission regulations
10) Approval of a new version of the regulations governing the remuneration of members of the Company's Board of Directors
11) Approval of related party transactions
Shareholders may review materials for the AGM from 9 June 2012 until 28 June 2012 (except for weekends and public holidays) from 10:00 to 17:00 at the following addresses: 32 Ul. Novogorozhskaya, bldg 1, Moscow (Registrar Status) or 5A Ul. Academika Chelomeya, office 110. The materials will also be available on the Federal Grid website: www.federal-grid.com
The FGC Board of Directors also set the date for the Extraordinary General Meeting (EGM), which will be held at 12:00 on 7 August 2012 in Moscow at 199 Prospect Mira, building 55. The EGM agenda includes dismissal of the current members of the Board of Directors, and the appointment of new members of the Board of Directors. Shareholders holding no less than a 2% stake in the company have the right to propose candidates for the Board; proposals must be delivered to Federal Grid Company no later than 8 July 2012.
The shareholder register cutoff date for both the AGM and EGM is 25 May 2012.
Additionally, the FGC Board of Directors: provisionally signed off on the annual report and financial statements for 2011; approved liability insurance for members of the Board of Directors, Management Board and Chief Accountant for up to 3 billion roubles; recommended not paying a dividend for 2011; and also recommended approval of RSM Top-Audit as the Company's auditor.
Enquiries:
Contacts | ||
Analysts / Investors | ||
Federal Grid IR team | Work | Mobile |
Alexander Duzhinov | +7 (495) 710 9064 | +7 (916) 041 8053 |
Nadezda Sukhova | +7 (495) 710 9541 | |
Egor Toropov | +7 (495) 710 9333 ext. 2275 | |
Vladimir Baklanov | +7 (495) 710 9333 ext. 2926 | |
International Media | ||
M:Communications | Work | Mobile |
Tom Blackwell | +7 (495) 363 2841 | +7 (919) 102 9064 |
Sam VanDerlip | +7 (495) 363 2845 | +7 (916) 306 6112 |
About Federal Grid Company
Federal Grid Company is the operator and manager of Russia's unified electricity transmission grid system, including high voltage transmission lines, and holds the status of a natural monopoly.
The Company's assets include over 124,000 km of transmission lines and 854 substations with over 322 GVA of 35-750 volt transformer capacity. Based on the length of transmission lines and installed transformer capacity, Federal Grid is the largest publicly traded electricity transmission company in the world.
Federal Grid's business is to provide electricity transmission and technological connection services. It maintains and develops the grid system and supervises grid facilities and infrastructure in 73 regions of Russia, covering a territory of 13.6 million square kilometres. Its customers are regional distribution companies, electricity suppliers and large industrial enterprises.
Since 1 January 2010, Federal Grid has operated under a 5-year regulatory asset base (RAB) model.
The Company was incorporated in June 2002 as part of reorganisation of Russia's electrical power industry. The largest shareholder, with a 79.55% stake, is the Russian Federation Government.
Federal Grid Company's ordinary shares are listed on the MICEX-RTS stock exchange under the ticker FEES and the Company's GDRs are traded on the London Stock Exchange under the same FEES symbol. The Company's shares are included in the MSCI Emerging Markets and MSCI Russia indices.
In 2011 the Company's IFRS revenue for 2011 was RUB 139,571 million (up 23% compared to 2010), adjusted EBITDA as RUB 83,760 million (a 24% increase from 2010), and adjusted net profit was RUB 38,241 million (up 37% on 2010).
Further information can be found at www.federal-grid.com