SHAREHOLDER ALERT: Glass Lewis and ISS Recommend That Mechel Shareholders Vote “For” Deals With Creditors
May 10 2016 - 10:00AM
Mechel PAO (NYSE:MTL) (MICEX:MTLR)
, a
leading Russian mining and metals company, announces that Glass
Lewis and ISS, independent proxy advisory firms, have recommended
that Mechel PAO shareholders vote to approve the deals with
creditors at the Company’s extraordinary general meeting scheduled
for May 26, 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 PAO’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, 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 PAO urge shareholders to participate in the upcoming
extraordinary general meeting and to show their support for the
proposed debt
restructuring.
Proxy Submission
Deadline: For ADR voting — MAY 18, 2016 at
10:00 AM New York City Time For common share
voting — MAY 24, 2016 at 19:00 Moscow
Time YOUR VOTE IS CRITICAL! WE APPRECIATE
YOUR SUPPORT!
***
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 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 PAO
Alexey Lukashov
Tel: + 7 495 221 88 88 ext. 62216
alexey.lukashov@mechel.com
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