Results of Annual General Meeting and Decisions of the Board of Directors Meeting

 

St. Petersburg, Russia - 28 June 2019 - PJSC LSR Group ("LSR" or the "Company") (LSE: LSRG; MOEX: LSRG), one of the leading real estate developers and building materials producers in Russia, announces the results of its Annual General Meeting of Shareholders ("AGM") held today.

 

The AGM resolved to:

 

1. Approve the Company's 2018 Annual Report prepared in accordance with FFMS requirements and the Company's financial statements for 2018 (RAS);

 

2. Approve a dividend payment of RUB 8,036 million or RUB 78 per ordinary share for 2018. Shareholders registered at the record date of 10 July 2019 will be entitled to receive a dividend payment. The following dates were set for the dividend payments:

• for nominal holders and securities market participants - 24 July 2019;
• for other registered shareholders - 14 August 2019;

 

3. Elect 7 members to the Company's Board of Directors, including 4 independent directors:

• Dmitri Gontcharov
• Igor Levit
• Aleksey Makhnev, Independent Director
• Andrey Molchanov
• Andrey Nesterenko, Independent Director
• Vitaliy Podolsky, Independent Director
• Alexander Prysyazhnyuk, Independent Director

 

4. Elect the following members of the Company's Internal Audit Commission:

• Natalya Klevtsova
• Denis Sinyugin
• Ludmila Fradina

 

5. Appoint CJSC KPMG to audit the Company's financial statements according to IFRS and CJSC Audit-Servis to audit RAS financial statements for 2019.

 

At the meeting of the Board of Directors following the AGM, Andrey Molchanov, the Company's founder, was appointed as CEO and Chairman of the Executive Committee. Maxim Sokolov, who held these positions earlier, will serve as first Deputy CEO.

 

Dmitri Gontcharov, the newly elected Chairman of the Board of Directors of PJSC LSR Group, commented: "We are pleased that Andrey Molchanov has agreed to take on the role of the Company's CEO once more. LSR Group will benefit from the consolidation of our top management team during a complex period of transformation in the construction market. I would also like to welcome Igor Levit to our Board of Directors. Mr. Levit brings a substantial experience not only in the construction industry, but also in managing LSR Group, where he worked in various senior positions over the years. We remain committed to adopting best corporate governance practices at the Board level, as reflected by the independence of more than half the Board of Directors."

 

The following members were elected to the Board's committees:

 

Audit Committee:

• Alexander Prysyazhnyuk, Chairman
• Vitaliy Podolsky
• Aleksey Makhnev

 

Human Resources and Compensations Committee:

• Vitaliy Podolsky, Chairman
• Aleksey Makhnev
• Alexander Prysyazhnyuk

 

Strategy and Investments Committee:

• Andrey Nesterenko, Chairman
• Dmitri Gontcharov
• Igor Levit

 

 

 

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About LSR Group:

PJSC LSR Group is one of Russia's leading residential real estate developers and building materials producers. Founded in 1993, the business of LSR Group is concentrated in the three largest regions of Russia - Moscow, St. Petersburg and Yekaterinburg. The main business areas of the Company are real estate development and construction and production of building materials. LSR Group carries out projects in all segments of residential real estate market: mass market, business and elite.

 

In accordance with its audited IFRS consolidated financial statements for 2018, LSR Group had revenue of RUB146.4 billion, Adjusted EBITDA of RUB36.4 billion and Net Profit of RUB16.2 billion. As of 31 December 2018 (according to Knight Frank), the net sellable area of projects in LSR Group's real estate portfolio amounted to 7.8 million m2 with a market value of RUB186 billion.

 

Ordinary shares of the Company are traded on the Moscow Exchange (MOEX: LSRG) and GDRs representing its ordinary shares are traded on the London Stock Exchange (LSE: LSRG).