Moscow – The Board of Directors of PJSC PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, has recommended that an Extraordinary General Meeting of Shareholders (“EGM”) approve a dividend in the amount of RUB 3.1 billion, or RUB 24 per ordinary share (RUB 8 per global depositary receipt) from the Company’s undistributed net income as of 31 December 2016.
The Board of Directors made its recommendation after reviewing the Company’s financial results for 1H 2017, including a review of PhosAgro’s interim IFRS financial statements, which are due to be disclosed on 24 August 2017.
PhosAgro Board Member and CEO Andrey Guryev said: “While the pricing environment for mineral fertilizers remains challenging, our carefully considered strategy has enabled us to continue to pay stable dividends to our shareholders, while at the same time implementing investment projects, launching new, high-tech production facilities and undertaking other initiatives aimed at strengthening PhosAgro’s competitive advantage and building shareholder value.”
The EGM will take place on 2 October 2017 with in-person attendance, and the record date for shareholders eligible to participate in the EGM has been set as 8 August 2017. The Board recommended that the record date for shareholders eligible to receive dividends be set as 13 October 2017. The EGM is also due to consider changes to the Company’s charter and to the by-laws on the General Meeting of Shareholders.
Today’s Board of Directors meeting also received information on the implementation of the sales strategy, as well as on the Company’s work with the investment community 1H 2017 and its plans for the second half of the year.
The Board heard reports from the Chairs of the Committees of the Board of Directors on their work in 2Q 2017, and on the results of the monitoring of key risks during the period.
In addition, the Board of Directors approved changes to the Company’s by-laws on insider information and received information about requirements for individuals disposing management responsibilities in accordance with Russian and European law.