Moscow, Russia- April 23, 2013 - Sistema JSFC ("Sistema") (LSE: SSA), the largest publicly-traded diversified holding company in Russia and the CIS, today announces that its Board of Directors (the "Board") has set the date for the Annual General Meeting of Shareholders ("AGM") for June 29, 2013.
The agenda of the Meeting includes the following items:
- Approval of the Meeting's procedures and order;
- Approval of the Company's Annual Report and annual financial statements for 2012, including the profit and loss statement;
- Approval of the distribution of profit and the amount, terms, form and timing of the dividend payment on Sistema shares for 2012;
- Election of members of the Audit Commission;
- Election of members of the Board of Directors;
- Approval of Sistema's auditors.
Sistema's Board is recommending to the AGM to set the total amount of dividend payment on Sistema's shares for 2012 at RUB 9.264 billion, representing a payment of RUB 0.96 per ordinary share. The total proposed dividend payment has been determined on the basis of Sistema's full year 2012 US GAAP net income and the corporate centre's net gain from disposal of assets in 2012. The dividend is due to be paid within a 60-day period following the AGM's approval. Dividend payments to shareholders are settled by bank transfer into accounts, the details of which to be provided by shareholders.
Shareholders registered as at the record date of May 20, 2013 will be eligible to participate in the AGM and entitled to receive a dividend payment following the AGM's approval. The AGM materials will be available from May 29, 2013 on Sistema's website at www.sistema.com or by request from Sistema's head office during working hours.
In addition, the Board of Directors is recommending that the AGM approves Deloitte&Touche CIS as the Company's US GAAP and Russian Accounting Standard auditors in 2013. The AGM will be held at the Corporate office's conference center (Moscow, Mokhovaya str. 13) at 11 AM Moscow Time.
Mikhail Shamolin, President and CEO of Sistema commented:
"Today's announcement is a significant milestone which highlights our track record of generating strong cashflow to the holding level and increasing shareholder return. The dividends approved by the Board amount to over 3% yield on Sistema's stock, a substantial growth on past periods. This reinforces our intention to establish a progressive dividend story for the company."