30 Jun 2009 07:00
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
For immediate release
29 June 2009 | PRESS RELEASE | St. Petersburg |
LSR GROUP HOLDS ITS ANNUAL MEETING OF SHAREHOLDERS
On 29 June 2009, an ordinary Annual Meeting of Shareholders of OJSC LSR Group was held and a meeting of the newly elected Board of Directors.
The AGM agenda included approval of the annual report of OJSC LSR Group for 2008, determination of the number of members and election to the Board of Directors, election of members to the Check-up Committee, approval of the revised Charter and reevised internal regulations of the management bodies of the Company, approval of the Company's auditors for 2009 and approval of related party transactions.
The Shareholders Meeting by a majority of votes approved the annual report of OJSC LSR Group for 2008 and its financial statements for 2008 based on Russian Accounting Standards, and also elected a new Board of Directors of seven members including two independent directors:
Dmitri Goncharov, Director, LSR Europe GmbH (a subsidiary of LSR Group).
Igor Levit, Chief Executive Officer of LSR Group.
Mikhail Romanov, Managing Director of LSR Group.
Elena Tumanova, Chief Financial Officer of LSR Group.
Igor Kamenetsky, Strategic Planning Director of LSR Group.
Sergey Skaterschikov, Independent Director, Chairman of the Board of Directors of Skate Capital, member of boards of directors of OJSC OMZ, Independence Holdings and a number of other companies.
Ilgiz Valitov, Independent Director, Director of Regional Development Department, State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank), member of boards of directors of a number of other companies.
The Meeting fully re-elected the Check-up Committee of OJSC LSR Group.
The Meeting approved CJSC KPMG as auditor of the Company's IFRS-based consolidated statements for 2009, and CJSC Audit-Servis as auditor of financial statements based on the Russian Accounting Standards.
The Meeting approved the revised Charter and revised internal regulations of the Company's management bodies.
Pursuant to the earlier adopted dividend policy of the Company, its shareholders approved the decision not to declare any dividends on Company shares for 2008 financial year.
The Shareholders Meeting approved a number of transactions related to the opening of credit facilities with State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) and Rosselkhozbank (Open Joint Stock Company Russian Agricultural Bank).
The newly elected Board of Directors of LSR Group re-elected Dmitri Goncharov as Chairman of the Board for a new term and also the members of Board committees as follows:
Audit Committee:
- Sergey Skaterschikov - Chairman of the Committee;
- Elena Tumanova;
- Mikhail Romanov.
Human Resources and Compensations Committee:
- Sergey Skaterschikov - Chairman of the Committee;
- Dmitri Goncharov;
- Elena Tumanova.
Strategy and Investments Committee:
- Igor Kamenetsky - Chairman of the Committee;
- Igor Levit;
- Sergey Skaterschikov.
Note to Editors:
Valitov, Ilgiz Nailevich, year of birth 1964
Educational Background:
Higher education, Kazan Institute of Finance and Economics.
Work Experience:
2002-2007 General Manager, OJSC VTB Bank, Tatarian Branch in Kazan
2003-2006 Member of the Board of Directors, OJSC Kamaz
2007-2007 Vice President and Managing Director, OJSC VTB Bank
2007-present Director, Regional Development Department, State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank)
2008-present Member of the Board of Directors, OJSC Kaluga Region Development Corporation
2009- present Member of the Board of Directors, OOO VEB-Invest
2009- present Member of the Supervisory Board, Moscow Open Joint Stock Company Slave (Moscow 2nd Watch Factory)
2009-present Member of the Board of Directors, OJSC 31 Novinsky Boulevard
Kamenetsky, Igor Albertovich, year of birth 1971
Educational Background:
Higher education, 1993, St. Petersburg State University, 1994, London Summer School of Economics. 1996, Postgraduate Course, Department of Economics, St. Petersburg State University. 2004-2005, Marketing Management Retraining Course, Management Department, St. Petersburg State University. Candidate of Economics.
Work Experience:
2003-2006 Economic Advisor to President, OOO PSG LSR
2006-2008 Research and Projections Director, OOO LSR
2008-present Strategic Planning Director, OOO LSR
OJSC LSR Group is a real estate and building materials company founded in 1993 and operating in a number of complementary market segments. Its core business areas are building materials, construction and real estate. 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 region, in St. Petersburg, Moscow, Yekaterinburg, Lithuania, Latvia, Estonia, Ukraine and Germany. In 2007, the sales revenues of LSR Group (according to the IFRS-based financial statements) were RUB 35,858 million, in 2008 - RUB 49,813 million.
LSR Group is a public company, with its GDRs listed and traded on the London Stock Exchange and its shares listed and traded on MICEX and RTS.
In 2007, LSR Group was awarded 'The Company of the Year' National Award in the 'Construction' category.
For more details please contact:
LSR Group Press Service
Tel.: +7 812 314 10 44
E-mail: press@lsrgroup.ru
www.lsrgroup.ru
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 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 therefor. 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.