Mechel Reports Decisions of Its Board of Directors
June 08 2017 - 4:00AM
Mechel PAO (NYSE:MTL)(MOEX:MTLR)
, a
leading Russian mining and metals company, announces the decisions
made by its Board of Directors at a meeting held on June 6,
2017.
The Board of Directors made the following
recommendations to the general meeting of Mechel PAO’s
shareholders:
- not to pay an annual dividend with respect to
ordinary shares;- to pay an annual dividend of 10.28 rubles per one
preferred share (approximately 0.18 US dollars per one preferred
share and 0.09 US dollars per one preferred ADR*);- to make the
payment by bank transfer within the time period and according to
form prescribed by Russian law.
The Board of Directors also recommended the
general meeting of Mechel PAO’s shareholders to approve dividing
part of accumulated profit from previous years as follows:
- to allocate 1,426,421,086.20 rubles
(approximately 25,192,883.90 US dollars*) for payment of dividends
for listed preferred shares;- to allocate 7,872,869,111.52 rubles
(approximately 139,047,494.02 US dollars*) to cover the 2016 loss;-
to leave the remainder of accumulated profit from previous years
(18,232,323,119.96 rubles, approximately 322,012,064.99 US
dollars*) unallocated.
The Board also suggested that the list of
persons entitled to receive dividends for 2016 be made based on the
data in the Mechel PAO Shareholders’ Register as of July 11,
2017.
The Board of Directors has also approved the
following people as candidates to the Board and the company’s
Revision Commission to be voted upon at the annual general meeting
of Mechel PAO’s shareholders:
- For election to the Board of Directors:1. Igor
V. Zyuzin2. Oleg V. Korzhov3. Georgy G. Petrov4. Alexander N.
Kotsky5. Alexander D. Orischin6. Viktor A. Trigubko7. Alexander N.
Shokhin8. Tigran G. Khachaturov9. Yury N. Malyshev
- For election to the Revision Commission:1.
Alexander N. Kapralov2. Natalya S. Zykova3. Irina V.
Bolkhovskikh
The annual general meeting of shareholders will
be held on June 30, 2017 at the following address: Russia, Moscow,
Leningradsky Prospect, 40, Petroff Palace - Petrovskiy Putevoy
Dvorets, at 12:00 local time.
*Based on the Russian Central Bank exchange rate
of 56.62 RUR/$ as of June 6, 2017.
Mechel is an international mining and steel
company. 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
Ekaterina Videman
Tel: + 7 495 221 88 88
ekaterina.videman@mechel.com
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