08.04.2019
printable version
RSS

Results of the Board of Directors Meeting on April 4, 2019

April 8, 2019. Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting in absentia on April 4, 2019.


***


According to the deadline specified in the Charter, The Board of Directors took into consideration the propositions of the minority shareholder LLC Avitrans and included the following candidates in the list of candidates to the Board of Directors to be voted at the AGM on results of 2018[1]:


  • Mikhail Voevodin – General Director, Director General, PSC VSMPO-AVISMA Corporation
  • Artem Kislichenko – Legal Director, PSC VSMPO-AVISMA Corporation
  • Andrei Shishkin – Vice-President for Energy, Localization and Innovation, PJSC Rosneft Oil Company, Chairman of the Management Board, PJSC Bashneft.

Simultaneously, the Board of Directors decided no later than May 24, 2019 to convene the meeting on approval of final list of candidates to be voted at AGM, the AGM Agenda and proposals from The Federal Agency for State Property Management (Rosimushchestvo).


***


The Board of Directors approved RusHydro’s participation in JSC Chukotenergo via purchase of additional shares of Chukotenergo at one ruble per share for total worth of RUB 18 bn.


The purpose of the purchase is financing of high voltage Chaun-Bilibino power lines construction in Chukotka. The project will be implemented by Chukotenergo, operating subsidiary of RusHydro responsible for production, distribution and sales of electricity and heat in Chukotka.  RusHydro stake in Chukotenergo will increase to 97.74%.


High voltage power lines construction project in Chukotka is carried out in connection with upcoming modernization of Chaun-Bilibinskiy energy hub following decommissioning of nuclear power plant units of Bilibino nuclear power plant that has reached the end of its service life. Construction of 110 kV high voltage overhead power lines will further expand power supply in the Chukotka autonomous region and provide sustainable growth of the Far East energy sector.


***


The Board of Directors approved the report on fulfillment of the annual KPI of the members of the Management board on reduction of operational expenses.


[1] Position, place of work of the candidate shown as of the date of nomination.  


The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. You can identify forward looking statements by terms such as the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to RusHydro and its operations.
Your application has been accepted. The answer will be prepared and sent within 20 calendar days. ok