PJSC MMK Board of Directors recommends dividend for 1H 2017
PJSC Magnitogorsk Iron and Steel Works ("MMK" or "the Company", ticker: MMK:LI) announces that on 25 August 2017 the Board of Directors called an Extraordinary General Meeting of shareholders (EGM) with absentee voting, and approved the agenda for the EGM as follows:
- Payment of dividends on issued shares of the Company for the first half of the 2017 accounting year
The Board of Directors recommended that the EGM approve a dividend for the first half of 2017 on MMK's issued ordinary registered shares of RUB 0.869 (before taxes) per share (in total approximately USD 164 million based on exchange rates as of the end of the period).
To determine the recommended total amount of dividends to be distributed to shareholders, the Board of Directors considered the current financial standing of the Company, the business profitability and dividend yield. As a result, the recommended amount of dividends equals 75% of free cash flow (under IFRS) for 1H 2017, which is higher than the minimum level of payment under MMK's dividend policy (not less than 50% of free cash flow).
The Board proposed a dividend record date of close of trading on 10 October 2017.
The Board of Directors set:
- The cut-off date for receipt of voting forms - 29 September 2017;
- Postal address to which completed voting forms should be sent - Status Registrar Agency, Magnitogorsk branch, 212 Karl Marx street, 455008 Magnitogorsk, Chelyabinsk Region, Russia;
- Record date for shareholders to participate in the EGM - close of business on 5 September 2017.
The list of information (materials) to be provided to shareholders eligible to participate in the EGM was also approved.
Shareholders can view the materials after 8 September 2017 on the Company's website at:
http://eng.mmk.ru/corporate_governance/disclosure_of_information/materials_to_the_shareholders_meeting/ and also at the following addresses: Status Registrar Agency, Magnitogorsk branch, 212 Karl Marx street, Magnitogorsk; and MMK shareholder relations group, offices 421 and 426, 6 Pushkin avenue, Magnitogorsk; on weekdays from 9:30am to 5:30pm (Fridays from 9:00am to 4:15pm), with a break from midday to 1:00pm local time. For additional information, please contact the Company via phone at +7 (3519) 24-73-88, +7 (3519) 25-45-73, +7 (3519) 25-60-22 or via email at [email protected], [email protected].
MMK is one of the world's largest steel producers and a leading Russian metals company. The company's operations in Russia include a large steel-producing complex encompassing the entire production chain, from the preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products with a predominant share of high-value-added products. In 2016, the company produced 12.5 million tonnes of crude steel and 11.6 million tonnes of commercial steel products. MMK Group had sales in 2016 of USD 5,630 million and EBITDA of USD 1,956 million.
Investor Relations Department:
Andrey Serov, Head of IR
tel.: +7 (3519) 24-52-97
E-mail: [email protected]