LSR Group intends to launch a new long-term share-based incentive program for top management. The program is aimed to enhance LSR Group long-term performance and create greater shareholder value. It will be based on 1,000,000 restricted LSR shares, with a 3- and 4 years vesting period. The buy-backs of Shares and/or GDRs for this program will be executed by June 30, 2014.
The program has been designed in full compliance with the existing legislation, requirements of European stock market regulators and best market practices. The buy-backs of Shares and/or GDRs will be executed for the account of LSR Group’s subsidiary. The acquired Shares and/or GDRs will retain all rights, including right to receive dividends.
Aleksandr Vakhmistrov, CEO and Chairman of the Executive Committee of LSR Group, comments:
"The incentive program provides our top management and key revenue producers with the opportunity to obtain consistent and material ownership of the company. The decision to initiate the program and execute share buy-backs reflect our confidence in the fundamental value of LSR Group.”
Notes to Editors:
OJSC LSR Group is a diversified construction company operating in a number of complementary market segments. The company was founded in 1993. Its core business areas are production of building materials, panel construction and real estate development. The company unites business units for extraction and processing of aggregates, production and transportation of building materials, construction upon projects of leading Russian and foreign architects – from mass-market to elite residential properties. LSR Group's main operations are located in St. Petersburg, Leningrad region, Moscow, Moscow region, Yekaterinburg and Ural region. As of 31 December 2012 (according to Cushman & Wakefield Russia), the net sellable area of the projects in LSR Group’s real estate portfolio is equal to 8.7m m2 with the market value of RUB 120bn. In 2012, the sales revenue of LSR Group amounted to RUB 61,122m (IFRS) LSR Group is a public company, with its GDRs traded on the London Stock Exchange and its ordinary shares traded on MICEX-RTS.
For more information please contact:
LSR Group Press Service
Tel.: +7 812 314 10 44
Fax: +7 812 458 83 72