Mechel’s Board of Directors Recommends Shareholders to Approve Deals With Creditors
February 04 2016 - 12:25PM
Mechel OAO
(MICEX:MTLR)
, (NYSE:MTL)
, a leading
Russian mining and metals company, reports that the company’s Board
of Directors made the following recommendations for voting at
Extraordinary General Shareholders’ Meeting scheduled for March 4,
2016.
In compliance with task appointed by the Board,
Special Committee of independent directors commissioned an
independent consultant — Renaissance Capital – Financial Consultant
Ltd — to prepare a fairness opinion.
Based on the unanimous view of the Special
Committee, which was worked out on the basis of the independent
consultant’s expert opinion, the company’s Board of Directors
recommended Mechel OAO’s extraordinary general shareholders’
meeting to approve the transactions of providing and changing
suretyships and pledges provided by the company to the following
lenders: Sberbank PJSC, Gazprombank (Joint Stock Company),
VTB Bank (PJSC) and the syndicate of banks as transactions that
meet Mechel OAO’s interests.
The Board of Directors also recommended Mechel
OAO’s extraordinary general shareholders’ meeting to approve the
new amended versions of the company charter, regulation on the
General Shareholders Meeting of the company and regulation on the
Board of Directors of the company.
The Board of Directors also recommended the
following people as having requisite qualifications and experience
to be elected Board members at the General Shareholders
meeting:
1.
Alexander N. Kotsky
2.
Vladimir V.Gusev;
3.
Yury N. Malyshev;
4.
Igor V. Zyuzin;
5.
Alexey G. Ivanushkin;
6.
Vladimir Yu. Korovkin;
7.
Alexander D. Orischin;
8.
Oleg V. Korzhov;
9.
Tigran G. Khachaturov.
Documents for EGM are available on Mechel’s
website in Shareholders and Investors section.
http://www.mechel.ru/shareholders/corporate_governance/shareholders_meeting/
Mechel is an international mining and steel
company which employs over 67,000 people. Its products are marketed
in Europe, Asia, North and South America, Africa. Mechel unites
producers of coal, iron ore concentrate, steel, rolled products,
ferroalloys, heat and electric power. All of its enterprises work
in a single production chain, from raw materials to high
value-added products.
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
Mechel, as defined in the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. We wish to
caution you that these statements are only predictions and that
actual events or results may differ materially. We do not intend to
update these statements. We refer you to the documents Mechel files
from time to time with the U.S. Securities and Exchange Commission,
including our Form 20-F. These documents contain and identify
important factors, including those contained in the section
captioned “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in our Form 20-F, that could cause the
actual results to differ materially from those contained in our
projections or forward-looking statements, including, among others,
the achievement of anticipated levels of profitability, growth,
cost and synergy of our recent acquisitions, the impact of
competitive pricing, the ability to obtain necessary regulatory
approvals and licenses, the impact of developments in the Russian
economic, political and legal environment, volatility in stock
markets or in the price of our shares or ADRs, financial risk
management and the impact of general business and global economic
conditions.
Mechel OAO
Alexey Lukashov
Tel: + 7 495 221 88 88
alexey.lukashov@mechel.com
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