6 Nov 2015 13:07
PJSC MAGNIT - BoD Meeting ResultsPJSC MAGNIT - BoD Meeting Results
PR Newswire
London, November 6
Press-release
Krasnodar
November 6, 2015
PJSC “Magnit” Announces the Results of the BOD Meeting
Krasnodar, November 6, 2015: PJSC “Magnit”, Russia’s largest food retailer (the “Company”, “Issuer”; MOEX and LSE: MGNT), is pleased to announce the results of the BOD meeting held on November 6, 2015.
Please be informed that on November 6, 2015 the BOD meeting was held (minutes of the BOD meeting of PJSC “Magnit” are w/o No. of November 6, 2015).
The meeting agenda:
Determination of the amount of remuneration for the auditor`s services.
The following BOD members were present: A. Arutyunyan, S. Galitskiy, K. Pombukhchan and A. Shkhachemukov.
A. Aleksandrov, A. Zayonts, and A. Pshenichniy provided their written opinions on the items of the agenda of the BOD meeting of PJSC “Magnit”.
The number of the BOD members participating in the meeting, including written opinions ofA. Aleksandrov, A. Zayonts and A. Pshenichniy, amounts to not less than half of the number of the BOD members determined by the Charter of the Company.
Quorum to hold the BOD meeting with this agenda is present.
Content of the decisions and voting results:
Item 1 on the agenda:
“To determine the amount of remuneration for the auditor’s services – Ernst & Young LLC – for the audit of the consolidated financial statements for the year 2015 prepared in accordance with IFRS (including the consolidated financial statements prepared in accordance with the Federal law as of 27.07.2010 No. 208-FZ "On consolidated financial statements") in the amount equivalent to 1,376,563 (one million three hundred and seventy six thousand five hundred and sixty three) US dollars (incl. VAT) at the exchange rate of the Bank of Russia as of the date of payment”.
Votes were cast as follows:
A. Arutyunyan – “for”, S. Galitskiy – “for”, A. Zayonts - “for”, A. Aleksandrov - “for”, K. Pombukhchan - “for”, A. Shkhachemukov – “for”, A. Pshenichniy – “for”.
The decision was made.
For further information, please contact:
Timothy Post | Head of Investor Relations Email: post@magnit.ru Office: +7-861-277-4554 x 17600 Mobile: +7-961-511-7678 Direct Line: +7-861-277-4562 |
Dina Svishcheva | Deputy Director, Investor Relations Email: Chistyak@magnit.ru Office: +7-861-277-45-54 x 15101 Mobile: +7-961-511-0202 Direct Line: +7-861-277-4562 |
Media Inquiries | PR and GR Department press@magnit.ru |
Company description:
Magnit is Russia's largest food retailer. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of September 30, 2015, Magnit operated 29 distribution centers and about 11,400 stores (9,246 convenience, 335 hypermarkets, and 1,807 drogerie stores) in approximately 2,297 cities and towns throughout 7 federal regions of the Russian Federation.
In accordance with the reviewed IFRS consolidated financial statements for 1H 2015, Magnit had revenues of RUB 455 billion and an EBITDA of RUB 49 billion. Magnit's local shares are traded on the Moscow Stock Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB+. Measured by market capitalization, Magnit is one of the largest retailers in Europe.