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Rosseti North-West

May 26, 2014

Board of Directors of IDGC of the North-West having recommended the annual General Meeting of Shareholders to approve of a five-fold increase of dividend payable following 2013 outcome

The Board of Directors of IDGC of the North-West (subsidiary company of Russian Grids, JSC) has considered issues dealing with arrangement of the annual General Meeting of Shareholders following 2013 outcome and given recommendations on the draft decisions being submitted for consideration.

The Board of Directors recommended the annual General Meeting of Shareholders to pay dividend on ordinary shares of the Company in an amount of 0.0008 RUB per ordinary share in monetary form. The dividend payment source is represented by the Company’s profit after tax calculated relying on the accounting reporting standards adopted in the Russian Federation.
The term for payment of dividend to a nominal holder or a trustee being a professional participant of the security market shall not be in excess of 10 business days, to other shareholders registered in the register – 25 business days from 09.07.2014, the date for generation of the list of persons having the right to receive dividend as recommended by the Board of Directors to the annual General Meeting of Shareholders for approval.

The Board of Directors has provisionally approved of the following allocation of the Company profit following 2013 results amounting to 300.3 mln RUB and recommended that the annual General Meeting of Shareholders approve of such allocation:

Reserve fund – 15 mln RUB
Profit for development - 208.7 mln RUB.
Dividend - 76.6 mln RUB

The annual General Meeting of Shareholders of IDGC of the North-West is appointed for June 25, 2014. Included in the agenda are issues to be considered in accordance with Clause 1 Article 47 of the Federal Law "On Joint-Stock Companies”.
Additionally submitted for consideration of the annual General Meeting of Shareholders are a restated Charter of the Company (issue included mainly due to amendments to the Russian Federation legislation) and the new revisions of the Regulations on the Procedure of Preparation for and Arrangement of the General Meeting of Shareholders and the Regulations on the Auditing Commission of the Company.

 

 

 

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