Glass Lewis and ISS Recommend That Mechel Shareholders Vote “FOR” Deals With Creditors
February 17 2016 - 9:30AM
Mechel OAO (NYSE:MTL)
, a leading Russian
mining and metals company, announces that Glass
Lewis and ISS, independent proxy advisory firms,
have recommended that Mechel OAO shareholders vote to approve the
deals with creditors at the Company’s extraordinary general meeting
scheduled for March 4, 2016.
Glass Lewis and ISS recommended that Mechel
shareholders approve the transactions on 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, noting that approval of the
transactions is essential for the success of Mechel OAO’s debt
restructuring and stressing that their terms have been reviewed and
unanimously approved by a special committee of independent
directors and an independent appraiser.
ISS and Glass Lewis are the leading independent
international proxy advisory firms, and their voting analyses and
recommendations are relied upon by thousands of major institutional
investment firms, mutual funds and fiduciaries throughout the
world.
Mechel’s Board earlier addressed minority
shareholders, calling on them to support the proposed debt
restructuring plan, based on an independent consultant’s fairness
opinion.
Shareholders are strongly urged to vote their
shares for all proposals at the EGM in line with the
recommendations of the Board of Directors. In order to ensure that
their shares are validly voted at this extremely important meeting,
shareholders are also strongly urged to review the Company’s
website,
http://www.mechel.com/shareholders/corporate_governance/shareholders_meeting,
to determine if they need to supply additional information beyond
their voting instructions.
Both the management and the board of directors
of Mechel OAO urge shareholders to participate in the upcoming
extraordinary general meeting and to show their support for the
proposed debt restructuring.
***
Proxy Submission Deadline:
FEBRUARY 25, 2016 at 10:00 AM New York City
Time
YOUR VOTE IS CRITICAL! WE APPRECIATE YOUR
SUPPORT!
The Board of Directors of Mechel UNANIMOUSLY
recommends that shareholders vote “FOR” 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
approval of the transactions is in Mechel OAO’s best interest.
***
If you have any questions about this
process or need assistance in voting your shares, please call our
proxy solicitor:
INNISFREE M&A INCORPORATED at
1-212-750-2668.
To review the materials for the Extraordinary
General Meeting
online:http://www.mechel.com/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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