Magnit announces the results of the Board meeting
Krasnodar, Russia (27 May, 2021): Magnit PJSC (MOEX and LSE: MGNT; the Company), one of Russia's leading retailers, announces the results of the Board of Directors meeting held on May 27, 2021 (minutes are w/o No. of May 27, 2021).
The Board of Directors of PJSC Magnit agreed on the possibility for JSC Tander (Magnit main operating subsidiary) to enter into the Letter of Credit Agreement with VTB Bank PJSC. The Letter of Credit is planned to be used for the settlement purposes following the recently announced potential acquisition of Dixy retail chain.
The Board considered this issue in line with the best corporate governance practice given that two members of the Board (Tim Demchenko and Alexey Makhnev) are related to VTB Bank PJSC. The above Directors abstained from voting. The Board decision was made based on the voting results of seven out of nine Directors, five out of them are independent.
More information about potential acquisition of Dixy retail chain and specific terms of the Letter of Credit can be found here:
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Note to editors
Public Joint Stock Company "Magnit" is one of Russia's leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of March 31, 2021, Magnit operated 39 distribution centers and 21,900 stores (15,098 convenience, 471 supermarkets and 6,331 drogerie stores) in 3,770 cities and towns throughout 7 federal regions of the Russian Federation.
In accordance with the audited IFRS 16 results for FY 2020, Magnit had revenues of RUB 1,553.8 billion and an EBITDA of RUB 178.2 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB.
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