Results of the Board of Directors Meeting on December 03, 2019

 

PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting on December 03, 2019.

 

Resolutions passed on Items of the agenda:

 

Item 1: On setting up branches of RusHydro.

The resolution adopted:

1. To take information on the status of projects for the construction, retrofitting and upgrading of generating facilities (thermal plants) in the non-price zone of the wholesale electricity and capacity market in accordance with Order of the Government of the Russian Federation No. 1544-r dated July 15, 2019 (hereinafter, "Projects") under advisement.

2. To set up, for the purposes of implementing the Projects:

•         the Yakutsky Branch of Public Joint-Stock Company "Federal Hydro-Generating Company - RusHydro" in Yakutsk;
•         the Khabarovsky Branch of Public Joint-Stock Company "Federal Hydro-Generating Company - RusHydro" in Khabarovsk;
•         the Primorsky Branch of Public Joint-Stock Company " Federal Hydro-Generating Company - RusHydro" in Vladivostok.

 

Item 2: On considering matters of significance to the Company.

2.1. On the progress of implementation of the investment project "Construction of two single-circuit 110 kV overhead lines Pevek-Bilibino (construction phase No. 1)."

The resolution adopted:

To take information on the progress of implementation of the investment project "Construction of two single-circuit 110 kV overhead lines Pevek - Bilibino (construction phase No. 1)" (Schedule No. 1 to the Minutes) under advisement.

 

2.2. On determining the position of the Company (representatives of the Company) regarding the agenda of the management bodies of JSC Hydroinvest: "On the execution by JSC Hydroinvest of a transaction on the alienation of shares in its subsidiary - CJSC MEK, which produces electricity."

The resolution adopted:

To instruct the representatives of the Company in the management bodies of JSC Hydroinvest on the issue "On the execution by JSC Hydroinvest of a transaction on the alienation of shares in its subsidiary - CJSC MEK, which produces electricity", to vote "FOR" the adoption of the following resolution:

 To approve the termination of participation of JSC Hydroinvest (the company controlled by PJSC RusHydro) in CJSC MEK by selling 527,085 ordinary registered uncertified shares in CJSC MEK at the price determined by the Board of Directors of JSC Hydroinvest based on the valuation report, but not lower than the carrying value, with cash payment.

The compulsory condition for the alienation of shares in CJSC MEK is the termination of the surety agreement dated January 30, 2013, concluded between PJSC RusHydro and the European Bank for Reconstruction and Development, and the surety agreement dated May 15, 2013, concluded between PJSC RusHydro and the Asian Development Bank.

 

 

Item 3: On approving the report on the performance results of the Investment Committee of the Board of Directors of RusHydro for the corporate year 2018-2019.

The resolution adopted:

To approve the report on the performance results of the Investment Committee of the Company's Board of Directors for the corporate year 2018-2019 (Schedule No. 4 to the Minutes).

 

About RusHydro

RusHydro Group is the leading producer of renewable energy in Russia. It is Russia's largest generating company and is the fourth in the world with over 400 generating facilities in Russia and Armenia. The Group's total electricity generation capacity including Boguchanskaya HPP is 39.7 GW.

Russian Federation owns 61.20% in RusHydro, the rest is held by other institutional and individual shareholders (over 360,000). The company's stock is traded on the Moscow Stock Exchange. Company's GDRs in the IOB section of LSE, ADRs - in OTCQX.

 

 

For more information:

Investor Relations Department

Tel. +7 (495) 122 0555 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 RusHydro. 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 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 conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to RusHydro and its operations.