Mechel Reports Decisions of Its Extraordinary General Meeting of Shareholders
March 09 2016 - 7:46PM
Mechel OAO (NYSE:MTL) (MOEX:MTLR)
, a
leading Russian mining and metals company, announces that the
extraordinary general meeting of the company’s shareholders took
place today.
The shareholders approved the following
decisions:
- To terminate early the powers of members of Mechel OAO’s Board
of Directors.
- To elect the following persons as members of Mechel OAO’s Board
of Directors:
- Vladimir V. Gusev
- Yury N. Malyshev
- Vladimir Y. Korovkin
- Igor V. Zyuzin
- Alexander N. Kotsky
- Alexander D. Orischin
- Oleg V. Korzhov
- Alexey G. Ivanushkin
- Tigran G. Khachaturov
- To approve the company’s charter in a new version.
- To approve the company’s bylaw on the General Meeting of
Shareholders in a new version.
- To approve the company’s bylaw on the Board of Directors in a
new version.
Results of the voting on issues # 6, 7, 8, 9
were not calculated due to lack of quorum.
“On today’s meeting, we did not manage to secure
the number of votes of our minority shareholders (holders of common
shares and ADRs) required to approve the deals with the lender
banks on providing additional suretyships and pledges. We think
that one of the reasons why this happened was due to requirements
on disclosure of information on ADR holders, recently introduced
into Russian law. ADR holders account for two thirds of our
minority shareholders. Additional difficulties also arose out of
the fact that many de facto holders receive information through a
chain of brokers and did not receive the depositary’s instructions
on voting in allotted time.
“We will bring the issues of approval of those
deals to the next general shareholders’ meeting and will continue
to work on persuading our shareholders to take part in the vote. I
would like to offer special gratitude to Mechel’s Russian
shareholders who demonstrated unequalled unity and solidarity by
voting in support of the company,” Mechel OAO’s Chief Executive
Officer Oleg Korzhov noted.
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
Ekaterina Videman
Tel: + 7 495 221 88 88
ekaterina.videman@mechel.com
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