Results of the Board of Directors on October 15, 2013
October 16 2013 - 1:44AM
OTC Markets
Results of the Board of Directors on October 15,
2013
JSC RusHydro (ticker symbol: MICEX-RTS, LSE: HYDR;
OTCQX: RSHYY) announces that the Company's Board of Directors held
a meeting in absentia on October 15, 2013.
***
The Board of Directors decided to increase the number
of members of the Strategy and the Investments committees to 10 and
11 persons respectively.
The Board of Directors elected Maria Tikhonova,
Secretary of the Interdepartmental Commission for analysis of the
effectiveness of fuel and energy companies, to the Strategy and
Investments Committees.
***
The Board of Directors commissioned representatives of
RusHydro in the Board of Directors of JSC Yakutskenergo (RusHydro
Group) to vote for the exchange and sale and purchase agreements
between Yakutskenergo and JSC Sakhaenergo (RusHydro
Group).
According to the exchange agreement Yakutskenergo
should transfer to Sakhaenergo the ownership of building and
equipment of the mini-TPP located in Deputatsky settlement of the
Ust-Yansky region of the Republic of Sakha (Yakutia). Sakhaenergo
should transfer to AK Yakutskenergo its shares of additional issue
in the amount of 54,800,290 with par value of RUB 10 per share
placed through private subscription.
According to the sale and purchase agreement
Yakutskenergo should transfer to Sakhaenergo machines and the
equipment of the mini TPP located in Deputatsky settlement, which
should be paid by Sakhaenergo in the amount of RUB 103,075,150.90 (incl.
VAT).
***
The Board of Directors approved RusHydro?s net foreign
exchange position limit for the agreements denominated in foreign
currency in the amount of USD 100 mn equivalent.
The Company?s net foreign exchange position limit
should be applied to the agreements denominated in foreign
currency, including agreements signed in terms of construction of
the cascade of Verkhne-Narynskie HPPs in Kyrgyzstan, as well as
implementation of modernization of the Saratovskaya HPP and the
cascade of Kubanskie HPPs.
***
The Board of Directors resolved to make the amendments
to the Articles of Association of RusHydro, due to change of
address of the Corporate University of Hydropower, an affiliate of
RusHydro.
***
The Board of Directors resolved to make the amendments
to the procurement plan of RusHydro for 2013, due to changes in
terms and volumes of works on the number of projects.
***
In accordance with the government?s decree the Board
of Directors commissioned the Management Board of
RusHydro:
- To hold necessary corporate events in DRSK to approve
the following decisions:
?
To add the indicator ?To adhere to terms of making
utility connection? to the list of KPIs of DRSK CEO and heads of
the company?s affiliates responsible for electricity supply and
utility connection;
?
To make the amendments to the employment contract of
DRSK CEO and heads of the company?s affiliates responsible for
electricity supply and utility connection in accordance with the
addition to the list of KPIs mentioned above.
- To develop the procedure to evaluate the new KPI and
target values for 2014 for DRSK and the company?s affiliates
responsible for electricity supply and utility connection, and to
submit it for the Board of Directors? approval till November
2013.
***
The Board of Directors approved the amended
regulations of committees of the Board of Directors.
The amendments are aimed to adjust issues considered
by the Board?s committees in compliance with the requirements of
the financial markets regulator, listing rules of stock exchanges
and best corporate practices.
About
RusHydro:
RusHydro Group is one of Russia?s
largest generating companies. RusHydro is the leading producer of
renewable energy in Russia with over 70 generating facilities in
Russia and abroad. The company also manages a number of R&D,
engineering and electricity retail companies. Group?s thermal
assets are operated by subsidiary ? RAO Energy System of East in
the Far East of Russia. Total electricity generation capacity of
the Group is 36.5 GW, heat capacity ? 16.2 thousand
GCal/h.
Russian Federation owns 67.1% in RusHydro, the rest is
held by other institutional and individual shareholders (over
360,000). The company?s stock is traded on the MICEX and RTS stock
exchanges, and included in MSCI EM ? MSCI Russia indexes. Company?s
GDRs in the IOB section of LSE, ADRs ? in OTCQX.
For more
information:
JSC RusHydro, Investor Relations
Department
Tel. +7 (495) 225-3232 ext. 1319,
1607
ir@rushydro.ru
DISCLAIMER
The information in this
press release may contain projections or other forward-looking
statements regarding future events or the future financial
performance of RusHydro. One can identify forward-looking
statements by terms such as "expect," "believe," "anticipate,"
"estimate," "intend," "will," "could," "may" or "might," the
negative of such terms or other similar expressions. We wish to
caution you that these statements are only predictions and that
actual events or results may differ materially from these
statements.
We do not intend to
update these statements to reflect events and circumstances
occurring after the date hereof or to reflect the occurrence of
unanticipated events. Many factors could cause the actual results
to differ materially from those contained in our projections or
forward-looking statements, including, among others, general
economic conditions, our competitive environment, risks associated
with operating in Russia and rapid technological and market changes
in our industries, as well as many other risks specifically related
to RusHydro and its operations.
RusHydro PJSC (PK) (USOTC:RSHYY)
Historical Stock Chart
From May 2024 to Jun 2024
RusHydro PJSC (PK) (USOTC:RSHYY)
Historical Stock Chart
From Jun 2023 to Jun 2024