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Sistema-Hals announces the results of its Annual Shareholder Meetimg
Moscow, Russia - 30 June 2010 - Sistema-Hals OJSC (LSE, MICEX: HALS), one of the leading diversified companies on the real estate market of Russia and the CIS, announces that the Annual General Meeting of Shareholders was held on June 29, 2010 to review the Company's results for 2009.
At the Annual General Meeting the shareholders approved the election of 7 members to the Company's Board of Directors:
• Evgueny Plaksenkov (Independent Director);
• Alyona Deryabina;
• Sergei Drozdov;
• Felix Evtushenkov;
• Pavel Kosov;
• Andrey Nesterenko;
• Andrey Puchkov.
The shareholders of Sistema-Hals OJSC decided to pay neither 2009 dividends nor remuneration to the members of the Board of Directors due to the Company's loss in 2009.
The Annual General Meeting of Shareholders also approved the annual report and the annual financial statements for 2009, elected the Revision Commission (3 members) and approved ZAO AF AORA as external auditor for Russian statutory accounting.
In addition, the AGM approved the interested party transactions, as well as new versions of the following corporate documents - Charter, Regulations on the Board of Directors, Bylaw on the General Meeting of Shareholders, Regulations for Executive Board, Regulations on the Remuneration and Compensation to the Board of Directors of Sistema-Hals OJSC. The AGM also confirmed to cease to be in force of the Regulations on the Option Program for the Board of Directors of Sistema-Hals OJSC, ratified by General Shareholders Meeting held on June 25, 2007 (Minutes #16).
Sistema-Hals ("the Company") is one of the leading diversified company in the Russian and CIS real estate market.
The Company was the first Russian property developer to list its shares on the main market of the London Stock Exchange. The Company's shares are also listed on the Moscow Interbank Currency Exchange and the Moscow Stock Exchange and the Russian Trading System Stock Exchange.
Main shareholders of Sistema-Hals are Bank VTB (51.24%) and AFK "Sistema" (27.6%); free float is about 18%.
Starting operations in 1994, Sistema-Hals has successfully completed about 40 projects with a total area over 450,000 square metres, including several residential complexes in Kuntsevo, the headquarters of the DaimlerChrysler company, the Hals Tower office building, the headquarters of the Trubnaya Metallurgical Company, the hotel for the MaMaison chain (Orco Property Group).
Sistema-Hals implements the development of the Leningradsky Towers complex in Moscow; carries out the complex program of redeveloping the facilities of the Moscow City Telephone networks; reconstructs the building of the Central "Detsky Mir" on Lubyanka, constructs LETO shopping center in Saint Petersburg and fulfils several other projects.
Sistema-Hals has assembled a balanced and diversified portfolio of assets in fast-growing sectors of the market. The Company's strategy is focused on building Class A and B office space, multifunctional retail and office complexes, business-class residential buildings.
For further information please contact:
Anna Zavialova
Tel. +7 (495) 662-662-4
zavialova@sistema-hals.ru
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The information in the press release may contain forward-looking statements regarding future events or the future financial performance of Sistema-Hals. You 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 those actual events or results may differ materially. We do not intend to update these statements to reflect events and circumstances occurring after the date thereof or to reflect the occurrence of unanticipated events.