The Board of Directors of PJSC Magnitogorsk Iron and Steel Works on October 16 approved a resolution to convene an extraordinary general meeting of shareholders (EGM) with absentee voting, and approved the agenda for the EGM.
Dividends on issued shares of PJSC MMK will be paid based on the results of the first nine months of 2017.
The decision establishes a new precedent for the frequency of the company’s dividend payments. In line with the company’s current dividend policy and global best-practice in the field of corporate governance, MMK will aim to pay dividends to shareholders on a quarterly basis going forward.
The size of the dividend and the cut-off date for eligibility to receive it will be determined following publication of MMK’s financial results for the first nine months of 2017 in accordance with International Financial Reporting Standards (IFRS), planned for early November.
In taking the decision regarding the recommended size of the dividend, the Board of Directors will be guided by the company’s financial standing and profitability, the dividend yield and forecast free cash flow.
The Board of Directors determined the cut-off date for receipt of voting forms – December 8; postal address to which completed voting forms should be sent – Status Registrar Agency, Magnitogorsk branch, 212 Karl Marx street, 455008 Magnitogorsk, Chelyabinsk region, Russia; record date for shareholders to participate in the EGM – close of business on November 14. (MMK/Ukrainian metal)