REG - Etalon Group PLC - Etalon Board Meeting Results

EtalonAnnouncement

26/07/2021 07:30

RNS Number : 3672G
  
Etalon Group PLC
  
26 July 2021
  
 

26 July 2021 
 
Etalon Group Board of Directors Meeting Results
 
ETALON GROUP PLC ("Etalon Group" or the "Company"), one of Russia's largest and longest-established development and construction companies, announces the results of its latest meeting of the Board of Directors held on 23 July 2021 in St Petersburg.
Prospectus
At the meeting, the Board of Directors approved the prospectus detailing the issuance of a further 88,487,395 global depositary receipts in a block listing representing interests in ordinary shares of the Company. Upon approval by the UK Listing Authority, the prospectus will be available for review on the Company's website and in the National Storage Mechanism: 
https://www.etalongroup.com/
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
 
Creation of a Special Committee
The Board of Directors considered a proposal put forward by the Company's management team to acquire the property portfolio of JSC Elektrozavod, which includes land and buildings, for the purpose of its subsequent redevelopment. Since Sistema PJSFC could be one of the parties to the potential transaction, the acquisition would be a related-party transaction and subject to the relationship agreement signed on 19 February 2019 between Etalon Group and Capgrowth Investments Limited (a subsidiary of Sistema PJSFC). The Board of Directors has thus decided to create a Special Committee (the "Committee") to review the transaction.
In line with good corporate governance practices and to facilitate transparency, the Committee will consist entirely of three independent directors, being Martin Cocker, Boris Svetlichny and Marina Ogloblina. The Committee's responsibilities will include assessing the project's economic viability and determining the necessary conditions for Etalon Group to consider pursuing the project. 
Changes to committees 
As part of measures to improve investor relations practices, the Board of Directors took the decision to add current independent Board member, Boris Svetlichny, to the Investor Relations and Information Disclosure Committee. Taking into account these changes, the make-up of the committee is as follows:
●     Petr Kryuchkov, Committee Chairman, Director for Corporate Investments and Strategy
●     Dennis Vinokourov, Non-Executive Director
●     Nikolai Minashin, Managing Director for Investor Relations, PJSFC Sistema
●     Boris Svetlichny, Independent Non-Executive Director.
Other decisions
The Board of Directors approved Etalon Group's "Insider Information Regulation" and the newest iteration of the Company's "Securities Dealing Code", which has been adapted based on changes to the aforementioned "Insider Information Regulation". These policies will soon be available on the "Corporate Governance" section of the Company's website. 
 
In addition, the Board of Directors appointed Victoria Yareeva as the Company's Corporate Secretary.
 
This and other recent announcements are available on the Etalon Group website: https://www.etalongroup.com/investor-relations/investor-news/.
 
Contact Information
 
Etalon Group
IR Team
T: +44 (0) 20 8123 1328
E: ir@etalongroup.com
 
EM
Sam VanDerlip
T.: +44 207 002 7859
E: vanderlip@em-comms.com
 
About Etalon Group
Founded in 1987, Etalon Group is one of the largest development and construction companies in Russia. The Company focuses on middle class residential real estate in the Moscow and St Petersburg metropolitan areas. With a more than 30-year history, Etalon Group has one of the longest and most successful track records in the Russian real estate industry. Since its foundation, Etalon Group has commissioned 7.5 million sqm of real estate.
Thanks to its integrated business model, Etalon Group is able to create added value for customers and shareholders at every stage of development, from land plot analysis and acquisition to the operation and maintenance of existing properties. Etalon Group employs over 4,600 people, and its nationwide sales and marketing network covers 59 Russian cities.
Etalon Group's total assets comprise 20 projects under development, unsold inventory at completed residential complexes and commercial properties, with total unsold NSA of 2.8 million sqm, as well as a construction and maintenance division. Colliers International valued the Company's total assets at RUB 204 billion as of 31 December 2020.
In 2020, Etalon Group's new contract sales totalled 538 ths sqm, or RUB 79.9 billion. Deliveries in 2020 amounted to 540 ths sqm.
The Company's revenue in 2020 amounted to RUB 78.7 billion, with EBITDA of RUB 12.6 billion.
Etalon Group's GDRs have traded on the Main Market of the London Stock Exchange since 20 April 2011 and on the Level 1 quotation list of Moscow Exchange since 31 January 2020 under the ticker ETLN.

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