Results of the Board of Directors Meeting on October 03, 2018
PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting in absentia on October 03, 2018.
The agenda includes the following items:
- On approval of the Company's internal documents: On approval of the Unified Provision on procurement of products for the needs of the Group RusHydro.
- On approval of the report on the fulfillment of the Annual Complex Procurement Program of PJSC RusHydro for the 1st half of 2018.
3. On approval of the adjusted list of investment projects, realized and planned for implementation within the investment program of PJSC RusHydro, for public technological and price audit in 2018-2019.
4. On the participation of PJSC RusHydro in other organizations.
Resolution passed on Item 1 of the agenda:
1. To approve the Unified Regulation on Product Procurement for the Needs of RusHydro Group (Schedule No. 1 to the Minutes).
2. The effective date of the Unified Regulation on Product Procurement for the Needs of RusHydro Group shall be November 1, 2018.
3. As soon as the Unified Regulation on Product Procurement for the Needs of RusHydro Group comes into force (Clause 2), the Regulation on Product Procurement for the Needs of RusHydro, approved by resolution of the Company's Board of Directors (Minutes No. 265 dated February 6, 2018) shall become null and void.
Resolution passed on Item 2 of the agenda:
To approve the Report on the Accomplishment of RusHydro's Annual Comprehensive Procurement Program for H1 2018 (Schedule No. 2 to the Minutes).
Resolution passed on Item 3 of the agenda:
To approve the adjusted list of investment projects implemented and planned for implementation under the RusHydro Investment Program for the public technological and price audit in 2018-2019 (Schedule No. 3 to the Minutes).
Resolution passed on Item 4 of the agenda:
To approve the termination of the Company's shareholding in the authorized capital of VolgaHydro LLC by way of performing a transaction for the sale of the Stake (hereinafter, the "Transaction") on the following terms:
Parties to the Transaction:
Buyer: FG AUSLANDSBETEILIGUNGEN GMBH.
Seller: RusHydro.
Scope of the Transaction:
The Seller shall sell the Stake to the Buyer, and the Buyer undertakes to accept and pay for the Stake in accordance with the terms and conditions of the Transaction.
The size of the Stake belonging to the Seller is forty percent (40%), with a par value of four hundred forty-nine million eight hundred fourteen thousand three hundred fifty-six rubles (RUB 449,814,356).
The size of the Stake to be alienated is forty percent (40%) with a par value of four hundred forty-nine million eight hundred fourteen thousand three hundred fifty-six rubles (RUB 449,814,356).
After the alienation of the Stake in the authorized capital of VolgaHydro LLC, there will be no stakes belonging to the Seller in the authorized capital of VolgaHydro LLC.
Transaction Price:
The value of the Stake is determined on the basis of the valuation report No. 2842/18/1 of 20.08.2018 as four hundred and fifty million rubles (RUB 450,000,000).
About RusHydro
RusHydro Group is one of Russia's largest generating companies. RusHydro is the leading producer of renewable energy in Russia with over 400 generating facilities in Russia and abroad. The company also manages a number of R&D, engineering and electricity retail companies. Group's thermal assets are operated by subsidiary - RAO Energy System of East in the Far East of Russia. Total electricity generation capacity of the Group is 39 GW, heat capacity - 18.5 thousand GCal/h.
Russian Federation owns 60.56% in RusHydro, the rest is held by other institutional and individual shareholders (over 360,000). The company's stock is traded on Moscow Exchange (MOEX), and included in MSCI EM и MSCI Russia indexes. Company's GDRs in the IOB section of LSE, ADRs - in OTCQX.
For more information:
Investor Relations Department
Tel. +7 (495) 225 3232 ext. 1607, 1319, 1304
ir@rushydro.ru
The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of PJSC "RusHydro" ("RusHydro"). One can identify forward-looking statements by terms such as "expect", "believe", "anticipate", "plan", "aim", "target", "forecast", "project", "should", "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 that actual events or results may differ materially from these statements.
We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic and political conditions, our competitive environment, risks associated with operating in Russia and rapid technological and market changes in our industries, as well as many other risks specifically related to RusHydro and its operations.
