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PhosAgro EGM Approves Interim Dividend of Over RUB 3.1 Billion, New Charter and Management Board Regulations

11 January 2013
Moscow – PhosAgro (or "the Company") (Moscow Exchange, LSE: PHOR), a leading global vertically integrated phosphate-based fertilizer producer, announces the results of its Extraordinary General Meeting of Shareholders (EGM) held on 29 December 2012.

Shareholders approved the payment of interim dividends for the first nine months of 2012 in the amount of RUB 3,111,927,000, or RUB 25 per share (RUB 8.33 per GDR).  The EGM also approved a new edition of the Company’s Charter.  The new Charter includes all previously approved amendments, updates to reflect the requirements of current legislation, as well as additions related to changes in the management structure of PhosAgro involving the creation of a collective executive body (the Management Board) and definition of its responsibilities. 

PhosAgro shareholders also approved the Company’s Management Board regulations.  The creation of the Management Board and approval of documents regulating its activities reflect PhosAgro’s commitment to adhere to best practice in corporate governance.  These actions also make it possible for PhosAgro shares to be included in the Moscow Exchange’s A1 quotation list, which will help to expand the Company’s investor base to include state and private pension funds, retail investors and insurance companies.  It may also in the future enable PhosAgro to be included in the MSCI Russia index.

PhosAgro CEO Maxim Volkov said: “Shareholder approval of the interim dividends and documents relating to the creation of the Management Board demonstrate once again that PhosAgro is committed to implementing best practice in corporate governance, act in the interests of its investors and shareholders, and that we continue to fulfil the promises we made during our IPO.”  

PhosAgro’s total dividend payout since its IPO in July 2011 amounts to RUB 15 billion (RUB 120.5 per share and RUB 40.17 per GDR), or 49% of the Company’s net profit, attributable to shareholders of the parent company, for the same period.

The record date for shareholders to participate in the EGM and receive dividends was 23 November 2012.