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LSR Group

February 19, 2010

Resolutions passed by the Extraordinary General Meeting of LSR Group

On February 19, 2010 LSR Group held its Extraordinary General Meeting of Shareholders.

The General Meeting approved a potential transaction by Open Joint Stock Company LSR Group (hereinafter the "Company") to enter into an underwriting agreement (the "Underwriting Agreement") relating to a possible offering of ordinary shares of the Company in the form of global depositary receipts and/or shares of the Company to Russian and international investors. Under the Underwriting Agreement, the Company and certain shareholders will provide certain representations and warranties and assume certain obligations in line with standard market practice, including but not limited to, indemnification of major local and international banks acting as underwriters. The Company's liabilities under such indemnification provisions may exceed fifty (50) per cent. of the book value of the Company's assets as of the last reporting date.

In addition, the General Meeting approved a transaction to enter into a surety agreement under which the Company will pledge its stake in OOO Cement in order to secure the obligations of OOO Cement arising under the credit facility provided by the State Corporation Bank for Development and Foreign Economic Affairs ("Vnesheconombank").

 

 

 

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