13 Apr 2012 14:21
Open Joint Stock CompanyMagnitogorsk Iron and Steel Works(OJSC MMK)
PRESS RELEASE
MMK filed appeal with Arbitration Court of Chelyabinsk Regionto challenge injunction relief order
April 13, 2012 Magnitogorsk
OJSC MMK (hereinafter MMK) announces that today MMK filed an appeal with Arbitration Court of Chelyabinsk Region to challenge the injunction relief order issued by the court in support of the legal action brought in by MMK's minority shareholder Elena Egorova.
On April 2, 2012 MMK was notified that a minority shareholder of MMK, Ms. Elena Egorova, brought an action to the Arbitration Court of Chelyabinsk Region (city of Chelyabinsk, Russian Federation) on March 29, 2012. The plaintiff has challenged the legitimacy of the MMK Board of Directors' resolutions with respect to the acquisition of 100 percent stake in Flinders Mines Limited. As a result, on March 30, 2012 the Arbitration Court of Chelyabinsk Region issued an injunctive relief order supporting the plaintiff's claim.
As stated earlier, MMK continues to consider the plaintiff's action as ungrounded and further states that the company has been acting in full conformity with applicable laws in the course of implementing the transaction to purchase 100 percent shares of Flinders Mines Limited.
Contacts for the press:
Kirill Golubkovtel.: +7 (916) 675 3081kgolubkov@mmk.ru | Elena Evstigneevatel.: +7 (985) 763 4443evstigneevaed@mmk.ru |