GLPR.L Regulatory News (GLPR)

For immediate release 24 April 2020

Global Ports Investments PLC

Changes in the Board and EGM announcement

Global Ports Investments PLC ("Global Ports" or the "Company" and, together with its wholly-owned subsidiaries and joint ventures, the "Group") (LSE ticker: GLPR) today announces that Morten Engelstoft, Chairman of the Board of Directors and Non-Executive Director has informed the Board of his decision to step down from the Board effective 29 of May 2020 to concentrate on his role as CEO of APM Terminals as well as his role as member of the Executive Board of A.P. Moller - Maersk.

Mr. Engelstoft will also step down from the position of Chairman of the Board of Directors as of today, 24th of April 2020. The Board has appointed Mr. Soren Sjostrand Jakobsen as Chairman effective immediately.

Mr. Engelstoft commented:

"It has been a privilege to be on the Board of Global Ports over the last almost four years, and to have had the role of Chairman since 2018. Over that time, the Company has made excellent progress against its strategic priorities and is well positioned for continued growth in the future, notwithstanding the challenges that are being presented by Covid-19 at the current time. I am very pleased that Soren will be taking on the role of Chair. He knows the business extremely well and I am highly confident that, under his leadership, Global Ports will continue to develop its business, delivering a high standard of services to its clients, in order to strengthen its leading position in the attractive Russian market.

АРМ Тerminals continues to regard Global Ports as its strategic investment and values the cooperation with Delo Group. I will continue to be involved in Global Ports performance and development at shareholders` level."

At a Board meeting held on 23rd of April 2020 the Board called an Extraordinary General Meeting of the Members of Global Ports Investments Plc to be held at BG WAYWIN PLAZA, Office 302, 62 Agiou Athanasiou Avenue, 4102, Limassol, Cyprus on 29 May 2020 at 08-00am (Cyprus time), to consider and, if thought fit, pass the resolutions 1 and 2, being the item of ordinary business as follows:

1. To approve the resignation of Mr. Morten Engelstoft from the Board of Directors of Global Ports Investments PLC as of 29th May 2020.

2. To elect Mr. Kristian Bai Hollund as a director of the Company until the next annual general meeting of the Members of the Company to be held in 2021, with no remuneration.

At the same meeting, the Board also made the following decisions regarding the committees within the Board of Directors: 

Ms. Britta Dalunde, Ms. Inna Kuznetsova, Mr. Lambros Papadopoulos, Mr. Mogens Petersen and Mr. Andrei Yashchenko are hereby elected as the members of the Audit and Risk Committee as of 24 April 2020, responsible for the duties delegated to them in the Terms of Reference of the Board of Directors and the Audit and Risk Committee subject to their consent and confirmation.

Mrs. Britta Dalunde is hereby elected as the Chairwoman of the Audit and Risk Committee as of 24 April 2020, responsible for the duties delegated to her in the Terms of Reference of the Board of Directors and the Audit and Risk Committee subject to her consent and confirmation.

Ms. Alexandra Fomenko, Ms. Inna Kuznetsova and Mr. Soren Jakobsen are hereby elected as the members of the Nomination and Remuneration Committee as of 24 April 2020, responsible for the duties delegated to them in the Terms of Reference of the Board of Directors and the Nomination and Remuneration Committee subject to their consent and confirmation.

Mrs. Inna Kuznetsova is hereby elected as the Chairwoman of the Nomination and Remuneration Committee as of 24 April 2020, responsible for the duties delegated to her in the Terms of Reference of the Board of Directors and the Nomination and Remuneration Committee subject to her consent and confirmation.

Mr. Soren Sjostrand Jakobsen, Mr. Lambros Papadopoulos, Mr. Mogens Petersen, Mr. Sergey Shishkarev and Mr. Andrei Yashchenko are hereby elected as the members of the Strategy Committee as of 24 April 2020, responsible for the duties delegated to them in the Terms of Reference of the Board of Directors and the Strategy Committee subject to their consent and confirmation.

Mr. Sergey Shishkarev is hereby elected as the Chairman of the Strategy Committee as of 24 April 2020, responsible for the duties delegated to him in the Terms of Reference of the Board of Directors and the Strategy Committee subject to his consent and confirmation.

Annex to the Announcement

Brief biography of Soren Sjostrand Jakobsen

Mr. Jakobsen was appointed as a Non-Executive member of the Board of Directors of Global Ports in March 2018.

Mr. Jakobsen brings extensive international experience in the maritime industry as well as port development and operation due to his 39-year career in A.P. Moller - Maersk Group, having spent the last 14 years with APM Terminals. Since 2013, Mr. Jakobsen has been based in Dubai, United Arab Emirates, until 2019 as Portfolio Manager for APM Terminal's Africa, Middle East and South Asia joint venture portfolio. Since early 2019 Mr. Jakobsen has focussed on APM Terminal's Russia portfolio as well as Joint Venture management globally for APM Terminals. Mr. Jakobsen also serves on the board of various APM Terminals joint venture companies including 2 other stock listed entities. His APM Terminals career has included roles as the Regional Manager for Latin America, based in Panama and as Global Head of Project Implementation, based in The Hague, the Netherlands. Prior to joining APM Terminals, Mr. Jakobsen worked at Maersk Line and Svitzer.

Mr. Jakobsen is a graduate of the A.P. Moller - Maersk International Shipping Education and executive education courses at IMD in Lausanne, Switzerland and INSEAD Business School in Fontainebleau, France.

Brief biography of Kristian Bai Hollund

Mr Hollund is an experienced finance leader and CFO with 15 years' global experience in a highly international environment. He was appointed as Operations CFO of APM Terminals in December 2018. Prior to this, he held a number of senior financial roles at Maersk Line including Commercial CFO (2014 to 2018), CFO China (2011 to 2014), CFO Netherlands (2008 to 2011) and Finance Manager Central Europe (2007 to 2008), demonstrating an ability to lead large transformations in different geographies. He first joined A.P Moller - Maersk Group in 2005 as a financial controller.

Mr Hollund holds an Executive MBA from IMD in Lausanne, Switzerland as well as an MSc. in Finance and BSc. in International Business from the University of Aarhus, Denmark.

ENQUIRIES

NOTES TO EDITORS

Global Ports Investments PLC

Global Ports Investments PLC is the leading operator of container terminals in the Russian market by capacity and container throughput.[1]

Global Ports' terminals are located in the Baltic and Far East Basins, key regions for foreign trade cargo flows. Global Ports operates five container terminals in Russia (Petrolesport, First Container Terminal, Ust-Luga Container Terminal[2] and Moby Dik[3] in the Russian Baltics, and Vostochnaya Stevedoring Company in the Russian Far East) and two container terminals in Finland[4] (Multi-Link Terminals in Helsinki and Kotka). Global Ports also owns inland container terminal Yanino Logistics Park[5] located in the vicinity of St. Petersburg.

Global Ports' revenue for 2019 was USD 361.9 million, and Adjusted EBITDA was USD 226.9 million. Consolidated Marine Container Throughput was 1,439 thousand TEU in 2019.

Global Ports' major shareholders are Delo Group, one of the largest private transportation and logistics holding companies in Russia (30.75%), and APM Terminals B.V. (30.75%), whose core expertise is the design, construction, management and operation of ports, terminals and inland services. APM Terminals operate a global terminal network of 78 operating port facilities, giving the company a global presence in 58 countries. 20.5% of Global Ports shares are traded in the form of global depositary receipts listed on the Main Market of the London Stock Exchange (LSE ticker: GLPR).

For more information, please see: www.globalports.com

LEGAL DISCLAIMER

Some of the information in these materials may contain projections or other forward-looking statements regarding future events or the future financial performance of Global Ports. You can identify forward-looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could," "may" or "might" or the negative of such terms or other similar expressions. Any forward-looking statement is based on information available to Global Ports as of the date of the statement and, other than in accordance with its legal or regulatory obligations, Global Ports does not intend or undertake to update or revise these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Forward-looking statements involve known and unknown risks, and Global Ports wishes to caution you that these statements are only predictions and that actual events or results may differ materially from what is expressed or implied by these statements. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of Global Ports, including, among others, general political and economic conditions, the competitive environment, risks associated with operating in Russia and market change in the industries Global Ports operates in, as well as many other risks related to Global Ports and its operations. All written or oral forward-looking statements attributable to Global Ports are qualified by this caution.