Press Release | Krasnodar | September 26, 2018

 

PJSC "Magnit" Announces the Results of the BOD Meeting

Krasnodar, Russia (26 September, 2018): Magnit PJSC (MOEX and LSE: MGNT), one of Russia's leading retailers announces the results of the Board of Directors meeting held on September 25, 2018.

 

Please be informed that on September 25, 2018 the BOD meeting was held (minutes of the BOD meeting of PJSC "Magnit" are w/o No. of September 26, 2018).

The meeting agenda:

1. Approval of the PJSC "Magnit" transformation strategy.

2. Approval of the Long-Term Incentive Programme of PJSC "Magnit" Group of Companies and its participants.

3. Consideration of the development issues of Magnit Kosmetic and Pharmacy business lines.

4. Determination of the position of the PJSC "Magnit" representative at the exercise of the voting right on the JSC "Tander" shares in the charter capital owned by the Company to approve Additional agreement to the Credit Agreement with Gazprombank (Joint Stock Company).

 

7 (seven) of the 7 (seven) BOD members participating in the BOD meeting were present.

 

Quorum to hold the BOD meeting with this agenda is present.

Voting Results:

Item 1

Mowat Gregor William - "for", Demchenko Timothy - "for", Simmons James Pat - "for", Makhnev Alexey Petrovich - "for", Foley Paul Michael - "for", Prysyazhnyuk Alexander Mikhailovich - "for", Ryan Charles Emmitt - "for".

Item 2

Mowat Gregor William - "for", Demchenko Timothy - "for", Simmons James Pat - "for", Makhnev Alexey Petrovich - "for", Foley Paul Michael - "for", Prysyazhnyuk Alexander Mikhailovich - "against", Ryan Charles Emmitt - "for".

Item 3

Mowat Gregor William - "for", Demchenko Timothy - "abstained", Simmons James Pat - "for", Makhnev Alexey Petrovich - "abstained", Foley Paul Michael - "for", Prysyazhnyuk Alexander Mikhailovich - "for", Ryan Charles Emmitt - "for".

Item 4

Mowat Gregor William - "for", Demchenko Timothy - "for", Simmons James Pat - "for", Makhnev Alexey Petrovich - "for", Foley Paul Michael - "for", Prysyazhnyuk Alexander Mikhailovich - "for", Ryan Charles Emmitt - "for".

The decisions were made.

Content of the decisions:

Item 1 on the agenda:

"To approve the PJSC "Magnit" transformation strategy".

 

 

Item 2 on the agenda:

"To approve the Long-Term Incentive Programme of PJSC "Magnit" Group of Companies and the list of participants of this Programme ".

Item 3 on the agenda:

"The management described to the Board the options that they had considered for the development of Magnit Cosmetic and Pharmacy business lines with respect to the warehouse and logistics infrastructure, including the potential acquisition of SIA Group.

The Board supports the Company's strategy to further develop such business lines and sees the value and the synergies that can be achieved through such acquisition as outlined in the analysis of the transaction and other available options prepared by the management and international financial advisor to the Company.  The Board supports that the management negotiate such potential acquisition on the best possible terms for the Company. Management shall present to the Board the final proposed terms of the potential transaction.