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ALROSA

May 28, 2004

SEVERALMAZ Shareholders’Annual General Meeting

The Severalmaz press-service announced that the company’s Shareholders’ Annual General Meeting will take place on 28 May, 2004 to approve the company’s performance in 2003.

Last year was marked by events of special significance for Severalmaz. To begin with, in September 2003 stripping began at Arkhangelskaya, the first of the pipes at the Lomonosov diamond deposit to be developed. Now there are only 5 more meters to be stripped to reach the diamond-bearing ore level.

A long and difficult stage of approval by state supervisory bodies – the Federal Mining and Industrial Inspection, Central State Expertise of Gosstroy (the Federal Construction, Housing and Communal Services Agency) had preceded the stripping. A positive decision on the project for a mining and processing plant by a commission of environmental experts of the Russian Ministry of Natural Resources headed by V. I. Osipov, director of the Institute of Environmental Geoscience (IES RAS), member of the Russian Academy of Sciences, had had to be obtained.

In 2003 by the shareholders’s decision Severalmaz increased its authorized capital stock. In December 2003 the Federal Committee for the Securities Market (FCSM) registered the report on the 8th additional issue of Severalmaz equity due to which the company’s authorized capital was increased five-fold now exceeding US $ 12 m. The successful additional issuance has had a positive effect on the balance and share capital structure.

A package of measures was implemented for greater transparency and investor attractiveness of Severalmaz in line with the strategy proposed by the Investment Group ALROSA (IG ALROSA), an ALROSA subsidiary. Those included a search for a strategic investor, building a positive project image with investors, stock market analysis with a focus on the diamond industry, etc. The measures enabled to raise some US $150 m through a CLN issue already in 2003.

Considerable amount of work was fulfilled in mine design, exploration and capital mine construction. IG ALROSA made an essential contribution by providing finance and consulting services which allowed Severalmaz to acquire machinery and equipment, build an infrastructure (roads and bridges included) to commence stripping at the Lomonosov.

Recruiting and personnel training were also on the list of priorities. 2003 saw the signing of the Collective Bargaining Agreement for the first time in history of Severalmaz and opening of the company’s representative office in Moscow.

Among other major end-of-the-year results there was closer interaction with local authorities on community and social development projects for the Arkhangelsk Region. Under the Agreement between ALROSA (Severalmaz’s major shareholder) and the Arkhangelsk regional administration 225 m RUR was channelled to first-priority social projects. The distribution of the funds was made by decision of the Arkhangelsk Deputies’Assembly. As part of the sponsorship program Severalmaz provided 1 m RUR in funds to purchase road building and maintenance vehicles for the remote Zimnyaya Zolotitza community of the Primorsky District.

Says the Severalmaz President Yevgeny Valuyev, ‘It is for the shareholders to assess our performance. What is important is that the development of the largest in Europe Lomonosov diamond deposit is under way. This is the most important of last year’s results for us and for the local population. This has been achieved thanks to our personnel, and also active participation of the company’s shareholders and partners.’

The Annual General meeting will be held in Arkhangelsk at 88, Naberezhnaya Severnoy Dviny, New building of the Pur-Navolok hotel, Conference Room, at 12:00 (noon).

AGENDA:

  1. General Procedure.
  2. Approval of the Annual Report.
  3. Approval of the 2003 financials (including P & l Statement).
  4. 2003 profit distribution. Dividends to be paid. Losses incurred.
  5. Election of the Supervisory Board.
  6. Election of the Auditing Commission.
  7. Approval of the Number and Nominations for the Accounts Commission.
  8. Approval of the independent Auditor for 2004.
  9. Approval of Amendments to the Charter.
  10. Approval of Regulations on the Management Board.
  11. Approval of Regulations on the Auditing Commission.
  12. On Recompense for 2003 to be paid to the Auditing Commission.
  13. On approval of future possible interest-bearing deals.

 

 

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