Sign In
19 May 2008 07:44
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
Correction to replace annoucement 7221U
Press release, St Petersburg
The Board of LSR Group Approves the Date and Agenda of Annual General Shareholders Meeting of LSR Group
On 15 May, the Board of Directors of OJSC LSR Group, one of the leading real estate developers and building materials producers in Russia (LSE: LSRG; MICEX, RTS: LSRG), approved 26 June, 2008 as the date for holding the annual General Shareholders Meeting of the company, and also agreed its agenda.
The agenda will include, inter alia, items such as approval of LSR Group's annual report for 2007, determination of the number of Board directors and its election, and approval of the company's auditor for 2008.
The Board of Directors decided to recommend to the General Shareholders Meeting to elect board in its former composition of 7 members (4 senior managers of the company and 3 independent directors), and nominated the following candidates for election:
1. Igor Levit, CEO of LSR Group.
2. Mikhail Romanov, Managing Director of LSR Group.
3. Elena Tumanova, CFO of LSR Group.
4. Dmitry Goncharov, Managing Director of LSR Europe GmbH (a company of LSR Group).
5. Lauri Ratia, Independent Director, chairman and board director of a number of Finnish companies specializing in different industrial sectors. Chairman of the Board of Directors in four companies: Sponda plc (real estate Finland and Russia), Tecnomen plc (messaging and prepaid systems for telephone operators globally), Medisize Ltd (medical and diagnostics equipment and packaging with production in eight EU countries), Edita plc (printing, publishing and marketing services in the Nordic countries).
6. Sergey Skaterschikov, Independent Director, Chairman of the Board of IndexAtlas Group, Vice President of OJSC MTS and board director of OJSC OMZ, OJSC Kirovsky Zavod, Independence Group and others.
7. Seppo Juha Remes, Independent Director, CEO of Kiuru Partners LLC consultancy company, board director of OJSC RAO UES of Russia, OJSC OMZ, OJSC Severstal-Avto, OJSC SIBUR and others. Chairman of the Board of EOS Russia.
In conformity with the dividend policy of the company, the Board took the decision to recommend to the GSM not to declare dividends on ordinary registered shares in OJSC LSR Group based on the results of 2007 and gave preliminary approval to the company's annual report.
NOTES TO EDITORS:
OJSC LSR Group is a diversified construction company founded in 1993 and operating in a number of complementary market segments. Its core business areas are building materials, construction and real estate development. The Group includes enterprises for extraction and processing of aggregates, production and transportation of building materials, and housing construction - from mass market large-panel housing to elite property built after designs made by leading domestic and foreign architects.
LSR Group has operations and offices in a number of cities in the Leningrad Oblast, in St. Petersburg, Moscow, Yekaterinburg, Lithuania, Latvia, Estonia, Ukraine and Germany. LSR Group employs over 15,000 people.
In 2005 and 2006, the revenues of LSR Group (according to IFRS statements) were $ 463 million and $ 777 million respectively. In 2007, the revenues amounted to $ 1,403 million.
In November 2007, OJSC LSR Group implemented an IPO, and now its GDRs are listed on the London Stock Exchange, and the shares - on MICEX and RTS.
LSR Group has a B1 rating; outlook - stable assigned by Moody's Investors Service.
In 2007, LSR Group was bestowed a National Award in the field of business as 'The Company of the Year' in the 'Construction' category.
For more details please contact:
Press Service, LSR Group
Tel.: +7(812) 314-1044
press@lsrgroup.ru
www.lsrgroup.ru
Legal disclaimer:
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
Some of the information in these materials may contain projections or other forward-looking statements regarding future events or the future financial performance of the Company. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could," "may" or "might" the negative of such terms or other similar expressions. The Company wishes to caution you that these statements are only predictions and that actual events or results may differ materially. The Company does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia, rapid technological and market change in the industries the Company operates in, as well as many other risks specifically related to the Company and its operations.
Neither these materials nor any copy of it may be taken or transmitted into the United States, Australia, Canada or Japan. These materials do not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefore. The offer and the distribution of these materials and other information in connection with the listing and offer in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
These materials are not an offer for sale of any securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933. The Company has not registered and does not intend to register any portion of any offering in the United States or to conduct a public offering of any securities in the United States.
This communication is directed only at (i) persons who are outside the United Kingdom or (ii) persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "relevant persons"). Any investment activity to which this communication relates will only be available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
This communication is distributed in any member state of the European Economic Area which applies Directive 2000/71/EC (this Directive together with any implementing measures in any member state, the "Prospectus Directive") only to those persons who are investment professionals for the purposes of the Prospectus Directive in such member state, and such other persons as this document may be addressed on legal grounds, and no person that is not a relevant person may act or rely on this document or any of its contents.
Follow the stocks
