10 April 2012
Notice of AGM and Dividend recommendation
NLMK (LSE: NLMK), a leading Russian steel company, today announces the results of the meeting of the Board of Directors. The Board has approved the AGM agenda and recommended dividends for FY2011.
Board of Directors took the decision to hold the Annual General Shareholders' Meeting on 30 May 2012. The agenda for the AGM includes:
1. Approval of the Company's 2011 annual report; annual financial statements, including income statement; allocation of profit (including dividend declaration) for the financial year 2011;
2. Election of members to the Company's Board of Directors;
3. Election of the President of the Company (Chairman of the Management Board);
4. Election of members to the Company's Internal Audit Commission;
5. Approval of the Company Auditor;
6. Approval of the compensation to the members of the Board of Directors of NLMK.
The Board of Directors has recommended that the General Shareholders' Meeting declare dividends for 2011 on ordinary issued shares in the amount of RUR2.0 in cash per ordinary share (1 GDS = 10 ordinary shares). Taking into account the previously paid interim dividends for the first half of 2011 of RUR1.40 per ordinary share, additional payment will amount to RUR0.60 per ordinary share. (The dividend payout ratio is ~30% of 2011 US GAAP consolidated net income).
The dividends will be paid within 60 days after shareholders’ approval at the Annual General Shareholders' Meeting (AGM) of NLMK. The payment procedure is exercised in accordance with the following cash dividend process:
- NLMK will transfer funds for dividend payments on Global Depositary Shares (GDSs) to the depositary bank within 60 days from the date of the approval at the AGM.
AGM participation is based on the NLMK Shareholders’ Register as of 00:00, April 11th, 2012 (or 24:00 of 10th of April, 2012).