Mechel Reports Decisions of the Board of Directors
MOSCOW, June 4, 2020 - Mechel PAO (MOEX:MTLR) (NYSE:MTL), one of the leading Russian mining and metals companies, reports the decisions made by its Board of Directors at a meeting held on June 4, 2020. Mechel PAO's Board of Directors determined the repurchase price of Mechel PAO's ordinary shares as based on the volume-weighted average price calculated according to the results of on-exchange trading over the six months prior to the date of the decision to hold the annual shareholder meeting, which will take place on June 30, 2020.
In case the company's shareholders meeting approves the agenda item of the annual general shareholder meeting "On further approval and agreement to major deals which are also related-party transactions", those shareholders who are holding Mechel PAO's ordinary shares and have the right to demand share buyback, may exercise their right in accordance with Russia's applicable legislation.
The list of shareholders that have the right to demand buyback of the shares they hold, is compiled based on the on the data in the list of those who have the right to take part in Mechel PAO's annual general shareholder meeting scheduled forJune 30, 2020, and which is compiled on June 5, 2020.
The repurchase price of Mechel PAO's ordinary shares is set at 80 rubles 57 kopeks per share.
The Board of Directors also determined the order of exercising the right to demand share buyback for Mechel PAO's shareholders.
The information regarding share buyback has been published on Mechel PAO's website on the Shareholders' Meeting page:
http://www.mechel.com/shareholders/corporate_governance/shareholders_meeting/.
Mechel PAO's shareholders may address the company's corporate relations and property department for all questions regarding share buyback, by telephone (495) 221-88-88 or email mechel_osa@mechel.com.
CONTACT:
Mechel PAO
Ekaterina Videman
Tel: + 7 495 221 88 88
ekaterina.videman@mechel.com
Mechel is an international mining and steel company. Its products are marketed in Europe, Asia, North and South America, Africa. Mechel unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, heat and electric power. All of its enterprises work in a single production chain, from raw materials to high value-added products.
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Mechel, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements. We refer you to the documents Mechel files from time to time with the U.S. Securities and Exchange Commission, including our Form 20-F. These documents contain and identify important factors, including those contained in the section captioned "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in our Form 20-F, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of our recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or ADRs, financial risk management and the impact of general business and global economic conditions.
SOURCE: PJSC Mechel