REG - TCS Grp Hldg PLC - Results of AGM and BOD Composition Changes <Origin Href="QuoteRef">TCSq.L</Origin>

TCS HoldingAnnouncement

16/07/2015 09:49

RNS Number : 4417P
TCS Group Holding PLC
05 June 2015
TCS Group Holding PLC Announces Results of AGM and Changes to the Company's Board of Directors
Moscow, Russia -- 5 June 2015. TCS Group Holding PLC (TCS LI) (the "Company"), Russia's leading provider of online retail financial services, including Tinkoff Bank and Tinkoff Insurance, announces the results of its Annual General Meeting of shareholders (AGM) held earlier today. 
The AGM was held at the registered office of the Company at 4 Profiti Ilia Street, 4046 Germasogeia, Limassol, Cyprus and had a quorum of 949,491,493 votes present, corresponding to around 94% in number of the votes carried or conferred by the shares giving a right to be present and vote at the meeting. 
The AGM passed all the proposed resolutions, including:
 Re-appointment of PricewaterhouseCoopers Limited as auditor of the Company and authorisation of the Board of Directors to determine its remuneration in accordance with their terms of engagement;
 Re-election of Mr Jacques Der Megreditchian and Mr Philippe Delpal to the Board of Directors.
 Granting of authority to the Board of Directors to buy back class A shares or interests in class A shares including global depository receipts, up to the maximum permitted by Cyprus law.
The Meeting also received and accepted the Group's Annual Report for 2014.
The Minutes of the AGM will be available for viewing at the registered office of the Company and available on the National Storage Mechanism of the UK Listing Authority, located at www.hemscott.com/nsm.do.
The following changes to the Company's Board of Directors were also approved with effect from today:
1. The retirement of Mr Oleg Tinkov as a Director and Chairman of the Board;
2. The appointment of Mr Constantinos Economides, the longest-serving Director, as Chairman of the Board.
Following the AGM and Board of Directors' meeting earlier today, the Board will now consist of six Directors, instead of seven as before.
Mr Oleg Tinkov is retiring from the Board of Directors of the Company in order to be better placed to prioritise a number of strategic business initiatives at the operating company level. He remains Chairman of the Board of Directors of Tinkoff Bank, a position he has held since June 2006.
Mr Martin Cocker will remain the Chairman of the Audit Committee and Mr Jacques Der Megreditchian will remain the Chairman of the Remuneration Committee, while the composition of both Committees is unchanged.
For enquiries:
Tinkoff Bank
Darya Ermolina
Head of PR
+ 7 495 648-10-00 (ext. 2009)
d.ermolina@tinkoff.ru
Tinkoff Bank
Larisa Chernysheva
IR Department
+ 7 495 648-10-00 (ext. 2312)
ir@tinkoff.ru
FTI Consulting London
Maria Shiryaevskaya
+44 (0) 20 3727 1677
FTI Consulting Moscow
Olga Lundquist
+7 495 795-06-23
About the Group
TCS Group Holding PLC is an innovative provider of online retail financial services operating in Russia through a high-tech branchless platform. In order to support its branchless platform, the Group has also developed a "smart courier" network covering almost 600 cities and towns in Russia which allows next day delivery to many customers. 
Since its launch in 2007 by Mr Oleg Tinkov, a renowned Russian entrepreneur with a long track record of creating successful businesses, the Group has grown into a leader in the Russian credit card market. As of 1 March 2015, the Group has issued 5 mln credit cards.
In addition to a market-leading credit card offering, the Group has developed a successful online retail deposits programme. The Group's other innovative lines of business include Tinkoff Online Insurance, which enables the Group to underwrite and sell its own innovative online insurance products, and Tinkoff Mobile Wallet, mobile payment solutions and financial services for Russian consumers. 
As of 31 December 2014, the Group's total assets amounted to RUB 108.8 bn, net loans and advances to customers stood at RUB 74.6 bn and customer accounts (deposits) amounted to RUB 43.4 bn. In 2014, the Group generated a net profit of RUB 3.4 bn and net interest income of RUB 30.8 bn. 
The Group is well capitalised with the total capital ratio and Tier 1 capital ratio of 21.8%and 15.9%, respectively, in accordance with Basel III methodology.
Forward-looking statements
Some of the information in this announcement may contain projections or other forward-looking statements regarding future events or the future financial performance of the Group and Tinkoff Bank. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could," "may" or "might", the negative of such terms or other similar expressions. The Group and Tinkoff Bank wish to caution you that these statements are only predictions and that actual events or results may differ materially. The Group and Tinkoff Bank 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 projections or forward-looking statements of the Group and Tinkoff Bank, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia, rapid technological and market change in the industries the Group operates in, as well as many other risks specifically related to the Group, Tinkoff Bank and their respective operations.

This information is provided by RNS
The company news service from the London Stock Exchange
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