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LSR Group

March 3, 2011

LSR Group Board of Directors approves date and agenda of Annual General Shareholders Meeting

On March 2, 2011 The Board of Directors of OJSC LSR Group (LSE: LSRG; MICEX, RTS: LSRG), hereinafter – the “Company”, approved 7 April 2011 as the date of Annual General Shareholders Meeting, and also approved the following agenda:

- Approval of the Company’s annual report according to FSFM (RF Financial markets regulator) requirements and financial statements prepared in accordance with the Russian accounting standards for the year ended 31 December 2010.
- Distribution of the company’s profits based on the results of the year ended 31 December 2010.
- Determination of the number of Board members and election of members to the Board of Directors.
- Election of members to the Internal Audit Commission of the Company.
- Appointment of the Company’s auditors for the year 2011.
- Approval of the revised Charter and Regulations on the Board of Directors of the Company.
- Authorization of transactions according to the Article 83 of the RF Federal Law on Joint Stock Companies.

The Board of Directors decided to recommend the AGM to adopt a dividend of RUB 15.00 per ordinary share against the results of the year ended 31 December 2010.

Igor Levit, Chairman of the Board of Directors of LSR Group, comments:

“Our recommendation to the AGM regarding revision of the dividend policy is based on our analysis of the company’s financial condition, capital requirements and available funding sources. We believe that our current financial position allows us to start paying dividends to our shareholders. This proposal corresponds to our intention to review the dividend policy, which was discussed with our shareholders and the investment community during our secondary public offering in 2010 and was reflected in the offering prospectus”.

Date of meeting: April 7, 2011
Time of meeting: 11:00 am
Place of meeting: conference-hall, 1 Nevsky, St. Petersburg
Start of registration of persons entitled to attend the General Shareholders’ Meeting: 10:00 am
Date of preparing the list of persons entitled to attend the General Shareholders’ Meeting: 03.03.2011

 

 

 

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