TMKS.L Regulatory News (TMKS)

13 Nov 2007 13:38

OAO TMK13 November 2007 -------------------------------------------------------------------------------- November 13, 2007 Press Release TMK Announces Resolutions of the Board of Directors. TMK, one of the world's largest oil and gas pipe producers and the market leaderof the Russian pipe industry, today announces that the OAO "TMK" Board ofDirectors has decided to convene an Extraordinary General Meeting ofShareholders (EGM) in the form of an absentee ballot on December 25th 2007. The list of shareholders eligible to participate in the EGM and entitled todividend has been drawn up according to the shareholder registry as of 8November 2007. The OAO "TMK" Board of Directors has recommended that shareholders approveinterim dividends, for the first 9 months of 2007, of RUR 3.63 per share(approximately USD* 0.60 per GDR). A total of RUR 3,168,993,630 (approximatelyUSD* 130 mln.) will be paid out as dividend by February 24th 2008. This amountcorresponds to TMK's policy to pay dividends amounting to at least 25% of itsannual IFRS consolidated net profits. Other matters to be considered will concern the approval of transactionsassociated with the financing of TMK's Strategic Investment Programme and therestructuring of the Company's and its subsidiaries' credit portfolios. As partof a long-term programme to transfer external borrowings from the subsidiarylevel to the OAO "TMK" level, the Company plans to replace short-term bank loansmade to its subsidiaries with long-term loans from OAO "TMK". Voting will also concern the company's guarantee for its subsidiary, SeverskyTube Works (STZ), regarding a loan from France's Societe Generale to partiallyfinance the acquisition of a Fine Quality Mill (FQM) from Italy's Danieli. TMKis to guarantee the repayment of the loan in the amount of EUR 88,655,000 plusinterest, commissions, and all other payments, with a total value amounting tomore than 2% of STZ's balance sheet, determined by accounting report data, as of30 September 2007. A number of additional matters pertaining to the company's operations were alsoreviewed during the Board meeting. *As of November 9 2007, the Russian Central Bank exchange rate stood at 24.4458RUB/USD. OAO "TMK" Founded in 2001, TMK (LSE: TMKS) is the largest pipe producer in Russia and oneof the three global market leaders. In 2006, TMK sold approximately 3 million tonnes of pipes. TMK supplies tocompanies in more than 60 countries. TMK production facilities are located in Russia and Romania: • Volzhsky Pipe Plant; • Seversky Tube Works; • Taganrog Metallurgical Works; • Sinarsky Pipe Plant; • Orsky Machine Building Plant; • Truboplast • SC TMK-Artrom SA; • SC TMK-Resita SA. For further information please contact: TMK PR Department: Sergey Ilin Tel: +7 495 775 7600 ext. 2149 Email: pr@tmk-group.com Or visit: www.tmk-group.com This information is provided by RNS The company news service from the London Stock Exchange