LSRG.L Regulatory News (LSRG)

12 Feb 2008 08:27

Open Joint-Stock Company LSR Group12 February 2008 NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN For immediate release 12 February 2008 LSR GROUP EGM APPROVES NEW BOARD OF DIRECTORS On February 7, 2008 an extraordinary Shareholders Meeting of OJSC LSR Group washeld with the participation of the holders of 72,469,895 (77.37%) votes out of93,663,832 (100%) votes. Hence, there was a quorum on all of the items reviewed. The extraordinary Shareholders Meeting of LSR Group approved the new compositionof the Company's Board consisting of 7 directors including 4 senior managers ofLSR Group and 3 independent directors. The newly-elected Board of Directors of OJSC LSR Group is as follows: 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 LSRGroup). 5. Lauri Ratia, Independent Director, chairman and member of the boards ofdirectors of a number of Finnish companies in different industrial sectors. 6. Sergey Skaterschikov, Independent Director, Chairman of IndexAtlas Group,Vice President, OJSC MTS. 7. Seppo Juha Remes, Independent Director, CEO of Kiuru Partners LLC consultancycompany, member of the Boards of Directors of OJSC RAO UES of Russia, OJSC OMZ,OJSC Severstal-Avto, OJSC SIBUR and others. Chairman of the Board of Directorsof EOS Russia. Thus, the number of Board members of OJSC LSR Group has grown from 5 to 7people. The extraordinary Shareholders Meeting also approved amendments and addenda tothe Charter of OJSC LSR Group and the revised Regulations on the Board ofDirectors of OJSC LSR Group providing for increased competence of the Company'sBoard of Directors. Particularly, now all transactions made by LSR Groupsubsidiaries involving the acquisition or sale of shares in other companies aswell as all major transactions require preliminary approval of the Board ofDirectors of the Company. A Member of the Board of Directors of OJSC LSR Group, Igor Levit commented asfollows: "The strengthening of the role played by the Board of Directors of LSR Group aswell as the election of one more independent director is a further example ofthe company's consistent implementation of the best principles of corporategovernance and I look forward to working very closely with the expanded Board ondelivering further value to our shareholders" For reference: Mr. Dmitry Goncharov has been a member (Chairman) of the Board of Directorssince April 2007. Since 2003, Mr. Goncharov has been the Managing Director ofLSR Europe GmbH, Munich. Between 1997 and 2003, Mr. Goncharov was a businessmanager and then a commercial director of the sales department for Siemens AG,CIS and Eastern Europe region. Between 1996 and 1997, Mr. Goncharov worked forBBMS Treuhand GmbH in its audit department. Mr. Goncharov graduated fromLudwig-Maximilians-Universitat in Munich with a degree in Economics in 1996. Heis a German citizen. Mr. Igor Levit has been a member of the Board of Directors since 2006. In 2006,he was appointed General Director/CEO. Previously, Mr. Levit was Senior Vice President from 2004to 2006 and Vice-President from 2002 to 2004. Mr. Levit has worked for the groupsince 1994 and has held a number of senior management positions in the brick operations of the group. Mr. Levitgraduated from the St. Petersburg State Technical University in 1994 and was awarded a doctorate intechnical sciences in 2003. Mr. Levit has been awarded the classification of Honored Builder ofRussia. Mr. Lauri Ratia has been a member of the Board of Directors since June 2007. Mr.Ratia is also currently a senior advisor to Europe Materials and chairman of theboards of directors of Tecnomen Oyj, Helsinki; Edita Oyj, Helsinki; Medifiq Oy,Vantaa and Sponda Oyj, Helsinki, as well as vice chairman of the board ofdirectors of Kemira Grow How Oyj, Helsinki and a member of the board ofdirectors of Olvi Oyj, Iisalmi. Between 1998 and 2006, Mr. Ratia was theManaging Director of Lohja Rudus Group, Helsinki. From 1993 and 1997, he heldvarious top management positions in construction companies such as ScancemInternational ANS, Helsinki, Euroc Abp, Malmo and Kone Oyj, Helsinki. Between1990 and 1993 he was a partner with Euroventures Nordica Ab, Sweden, EquityFinance and between 1978 and 1990 held various senior positions in Nokia,including a president of Nokia Inc. (Atlanta), a vice president responsible forcorporate planning at Nokia headquarters and a president of Nokia Robotics. Mr.Ratia was also chairman of the Confederation of Construction Materials Producersof Finland between 1998 and 2001 and chairman of the Confederation ofConstruction Industry Participants of Finland between 2003 and 2004. Mr. Ratiagraduated from the Helsinki University of Technology with a masters degree inengineering in 1971 and Harvard Business School's Advanced Management Program in1986. Mr. Ratia is a Finnish citizen. Mr. Lauri Ratia has been a member of the Board of Directors since June 2007. Mr.Ratia is also currently chairman of the boards of directors of Sponda OyjHelsinki Finland, Tecnomen Oyj Helsinki; Edita Oyj, Helsinki and Medifiq OyHelsinki and a member of the board of directors of Olvi Oyj, Iisalmi, InspectaOy Helsinki and others. Between 1998 and 2006, Mr. Ratia was the ManagingDirector of Lohja Rudus Group, Helsinki (since 1999 part of CRH plc, DublinIreland). From 1993 and 1997, he held various top management positions inconstruction and construction material companies such as Scancem InternationalANS Oslo Norway, Euroc Abp, Malmo Sweden and Kone Oyj, Helsinki. Between 1990and 1993 he was a partner with Euroventures Nordica Ab, Stockholm Sweden, EquityFinance and between 1978 and 1990 held various senior positions in Nokia Oyj,including a president of Nokia Inc. (Atlanta), a vice president responsible forcorporate planning at Nokia headquarters and a president of Nokia Robotics. Mr.Ratia was also chairman of the Confederation of Construction MaterialsIndustries of Finland between 1998 and 2001 and chairman of the Confederation ofConstruction Industries of Finland between 2003 and 2004. Mr. Ratia hasextensive industrial experience. He graduated from the Helsinki University ofTechnology with a masters degree in engineering in 1971 and Harvard BusinessSchool's Advanced Management Program in 1986. Mr. Ratia is a Finnish citizen. Mr. Sergei Skaterschikov has been a member of the Board of Directors since June2007. Currently, Mr. Skaterschikov is also a chairman of the board of directors of IndexAtlasGroup and a member of the boards of directors of OAO OMZ, Independence Holding and a few other companies.Mr. Skaterschikov is also a member of the investment committee of the board ofdirectors of OAO UESR and a member of the expert council of the audit committeeof the board of directors of OAO UESR. In addition, Mr. Skaterschikov is theVice-President for Business Development at MTS. From 2005 until February 2007Sergey served as Director, Investment Banking at Dresdner Kleinwort. Mr.Skaterschikov graduated from Moscow State University with a degree in Geographyand American Studies in 1994 and Duke University, the Fuqua School of Businesswith a Global Executive MBA in 2003. Mr. Mikhail Romanov has been a member of the Board of Directors since 2006. In2002 he became Managing Director for business development (formerly called Vice President). In1993, he was appointed a General Director of Stroydetal (reinforced concrete).Mr. Romanov, who has worked for the group since October 1993, graduated from theLeningrad Arctic School in 1978 and the Admiral Makarov Leningrad HigherMaritime Engineering School in 1983. Mrs. Elena Tumanova was appointed to the Board in February 2008. Mrs Tumanovahas been Chief Financial Officer since 2002. Mrs. Tumanova has worked at thegroup since 1993 and has held a number of senior finance positions in the groupoperations. Mrs. Tumanova is an auditor certified by the Russian Ministry ofFinance and is also a member of the St. Petersburg Chamber of Auditors. Mrs.Tumanova graduated from the Leningrad Shipbuilding Institute in 1981 and the St.Petersburg State University of Economics and Finance with a degree in Auditingand Accounting in 1995. She also holds an MBA from the International BankingInstitute in St. Petersburg. OJSC LSR Group is a diversified construction company founded in 1993 andoperating in a number of complementary market segments. Its core business areasare building materials, construction and real estate development. The Groupincludes enterprises for extraction and processing of aggregates, productionand transportation of building materials, and housing construction - from massmarket large-panel housing to elite residential property built after designsmade by leading domestic and foreign architects. LSR Group has operations andoffices in a number of cities in the Leningrad Oblast, in St. Petersburg,Moscow, Ekaterinburg, Lithuania, Latvia, Estonia, Ukraine and G ermany. LSR Group employs over 15,000 people. In, 2005 and 2006 the revenues of LSRGroup were RUB 13,085.5 million and RUB 21,110.8 million respectively. For thesix months of 2007 the Group's revenues amounted to RUB 16,062.0 millioncompared to RUB 9,336.4 million for the same period last year. In November 2007,OJSC LSR Group implemented an IPO. In December 2007, LSR Group was bestowed aNational 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 +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 otherforward-looking statements regarding future events or the future financialperformance of the Company. You can identify forward looking statements by termssuch as "expect", "believe", "anticipate", "estimate", "intend", "will","could," "may" or "might" the negative of such terms or other similarexpressions. The Company wishes to caution you that these statements are onlypredictions and that actual events or results may differ materially. TheCompany does not intend to update these statements to reflect events andcircumstances occurring after the date hereof or to reflect the occurrence ofunanticipated events. Many factors could cause the actual results to differmaterially from those contained in projections or forward-looking statements ofthe Company, including, among others, general economic conditions, thecompetitive environment, risks associated with operating in Russia, rapidtechnological and market change in the industries the Company operates in, aswell 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 theUnited States, Australia, Canada or Japan. These materials do not constitute orform part of any offer or invitation to sell, or any solicitation of any offerto 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 therefor.The offer and the distribution of these materials and other information inconnection with the listing and offer in certain jurisdictions may be restrictedby law and persons into whose possession any document or other informationreferred to herein comes should inform themselves about and observe any suchrestriction. Any failure to comply with these restrictions may constitute aviolation of the securities laws of any such jurisdiction. These materials are not an offer for sale of any securities in the UnitedStates. Securities may not be offered or sold in the United States absentregistration or an exemption from registration under the U.S. Securities Act of1933. The Company has not registered and does not intend to register anyportion of any offering in the United States or to conduct a public offering ofany securities in the United States. This communication is directed only at (i) persons who are outside the UnitedKingdom or (ii) persons who have professional experience in matters relating toinvestments falling within Article 19(1) of the Financial Services and MarketsAct 2000 (Financial Promotion) Order 2005 (the "Order") and (iii) high net worthentities, and other persons to whom it may lawfully be communicated, fallingwithin Article 49(2) of the Order (all such persons together being referred toas "relevant persons"). Any investment activity to which this communicationrelates will only be available to and will only be engaged with, relevantpersons. Any person who is not a relevant person should not act or rely on thisdocument or any of its contents. This communication is distributed in any member state of the European EconomicArea which applies Directive 2000/71/EC (this Directive together with anyimplementing measures in any member state, the "Prospectus Directive") only tothose persons who are investment professionals for the purposes of theProspectus Directive in such member state, and such other persons as thisdocument may be addressed on legal grounds, and no person that is not a relevantperson may act or rely on this document or any of its contents. This information is provided by RNS The company news service from the London Stock Exchange