Last checked at 5 Oct 2009 10:55
MHP S.A.
Result of the Extraordinary General Meeting
5 October 2009
MHP S.A. ("MHP" or the "Company") announces the results of the resolutions of the ExtraordinaryGeneral Meeting ("EGM") of the Company's shareholders that was held today in Luxembourg.
A total of 2 shareholders, representing 110,763,076 shares, out of a total number of shares 110,770,000(equating to 99.99% of the Company's share capital), were present or represented and voted at the
Extraordinary General Meeting.
The Extraordinary General Meeting approved, by majority, the share buy back programme (the "Share Buy Back Programme") as proposed and discussed by the board of directors of the Company pursuant to the board meeting held on 8 September 2009, and as announced in a statement on 9 September 2009.
The EGM resolved to approve the following terms and conditions of the Share Buy Back Programme: (i) on-market purchase of up to 2,769,250 GDRs (such number representing not more that 2.5% of the issued share capital of the Company, and therefore being below the 10% of the issued share capital allowed under Luxembourg law for the purpose of Share Buy Back); (ii) implementation of the Share Buy Back Programme within one year of the approval of the programme by the Extraordinary General Meeting; and (iii) the purchase of each GDR will be made at the market price provided that it is not less than US$1 (minimum threshold) and not more that US$15 (maximum threshold) per GDR.
The EGM acknowledged that the Share Buy Back Programme will comply with the Luxembourg law requirement of share buy backs not exceeding 10% of the issued share capital of the Company.
The EGM acknowledged confirmation by the directors of the Company that the implementation of the Share Buy Back Programme shall not reduce the net assets of the Company below the aggregate of the subscribed capital and undistributable reserves.
The EGM further acknowledged that some of the shares purchased pursuant to the Share Buy Back Programme will be used for a director and management compensation and incentive programme, and that non used Company shares will be held in treasury until their resale within the next three years.
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For further information please contact:
| Financial Dynamics Ben Foster (London) Marc Cohen (London) Leonid Solovyev (Moscow) | London: +44 20 7831 3113 Moscow: +7 495 795 06 23 |
For investor relations enquiries:
| MHP Anastasia Sobotyuk (Kyiv) ir@mhp.com.ua | Kiev: +380 44 207 99 58 |