MOSTOTREST On 22 May 2015 in Moscow, PJSC Mostotrest Board of Directors as elected at the Annual Shareholders' Meeting on 14 May 2015, convened for its first meeting.
In accordance with the Company's Articles of Incorporation, at its first meeting the newly elected Board of Directors considered election of the Chairman, Deputy Chairman and Corporate Secretary of the Board of Directors.
The Board of Directors has unanimously voted for re-election of Georgy Koryashkin as the Board Chairman, extending his previous 4-year mandate in the position, as well as for re-election of Maria Zhurba as Deputy Chairman of the Board, and Gennady Bogatyrev as Corporate Secretary.
The Board meeting agenda also included adoption of recommendations on the mandatory share buy-back offer received by the Company on 18 May 2015 from its shareholder TFK-Finance. In accordance with the Federal Law On Joint Stock Companies, the Board of Directors suggests that the Company's shareholders consider the following Board recommendations in deciding on acceptability of the TFK-Finance buy-back offer:
1) The offered share buy-back price of RUB92.13 complies with requirements of the Federal Law On Joint Stock Companies:
· The offered share buy-back price is above the weighted average organized trading price for the six months preceding the date of submission of the mandatory buy-back offer to the Bank of Russia (RUB75.01)
· The offered share buy-back price is not inferior to the highest price TFK-Finance paid when acquiring the shares over the six months preceding the date of submission to the Company of the mandatory buy-back offer (Share Sale Agreement of 28 April 2015)
2) The probability of a significant change in the market value of the shares post buy-back is insignificant.
3) TFK-Finance plans in relation to the Company and its employees comply with the interests of the Company and its employees, as TFK-Finance has no intentions to take any actions aimed at changes in the Company's operations, HR policy and staff.
|
distributed by
|
