29 Jul 2009 13:44
This announcement replaces the PIK Group announcement "PIK Group announces Board Changes" RNS number 4868W released at 12:16 today. This release corrects the titles of Kirill Pisarev and Pavel Poselenov. All other details remain unchanged. The full announcement appears below.
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY IN THE UNITED STATES OF AMERICA
PIK GROUP ("PIK" or "the Company")
PIK GROUP ANNOUNCES BOARD CHANGES
(LONDON, 29 July 2009) - PIK Group (LSE: PIK), one of Russia's leading residential real estate developers, today announces the appointment of Kirill Pisarev as Chairman of the Board of Directors.
Mr. Pisarev is one of the founding shareholders of the Group and his appointment will take effect from 29 July 2009.
Pavel Poselenov has been nominated to the Board as President and Chief Executive, the role previously held by Mr. Pisarev. Prior to this appointment Mr. Poselenov held the post of Vice President for Coordination of Activities, and beforehand he was responsible for PIK's operations in St. Petersburg.
Yury Zhukov, another of the founding shareholders in PIK Group, who previously held the post of Chairman of Board of Directors, is appointed as Deputy Chairman of the Board of Directors.
Going forward, Mr. Pisarev will focus on strategy and development, while PIK Group's existing management team will be responsible for the operational activity.
Commenting on today's announcement, Kirill Pisarev, Chairman of Board of Directors said:
«The appointment of Mr. Poselenov is good for strategic continuity. He has a strong professional background, is fully involved in the operational processes of the Group and his appointment will help us navigate through this difficult period. We believe his appointment is positive for the business and all its stakeholders, including business partners, shareholders, investors and consumers."
Enquiries:
Investors | |
PIK Group | Tel: +7 495 505 97 33 ext. 1358 |
Viktor Szalkay | |
Media | |
PIK Group | Tel: +7 495 232 11 22 |
Natalia Konovalova | |
| |
Citigate Dewe Rogerson | Tel: +44 20 7638 9571 |
Tom Baldock | |
Lindsay Noton |
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of PIK. 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. These statements are only predictions and actual events or results may differ materially. PIK does not intend to or undertake any obligation 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 PIK's projections or forward-looking statements, including, among others, general economic conditions, PIK's competitive environment, risks associated with operating in Russia, rapid technological and market change, and other factors specifically related to PIK and its operations.
-END-
NOTES TO EDITORS
PIK Group Overview
Founded in 1994, PIK is one of the leading vertically integrated residential developers with presence in over 20 cities across Russia. Its business activities are concentrated in Moscow and the Moscow region with an increasing footprint in many of Russia's other regions. Its principal activity is the development, construction and sale of residential properties in large scale developments targeted primarily at the middle income housing market in Russia.
Since January 1 2004, PIK has completed over 7.3 million square meters of residential housing, which is equivalent to approximately 122,000 residential units across Russia.
June 1, 2007, the Group completed successful listings on the London Stock Exchange, the RTS and MICEX exchanges in Russia.
PIK Group's website address is: www.pik.ru