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PhosAgro EGM to Vote on Dividends and New Articles of Association

27 June 2016
Moscow – PhosAgro (“the Company”, Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that an Extraordinary General Meeting of Shareholders (“EGM”) on 29 July 2016 will vote on the distribution of dividends and a new edition of the Company’s Articles of Association.  The agenda for the EGM was approved by PhosAgro’s Board of Directors at its meeting today.

The EGM will be held by absentee ballot, with a record date for shareholders eligible to participate of 24 June 2016.  The Board has recommended a record date for shareholders eligible to receive dividends of 10 August 2016.

At its meeting on 24 May 2016, the Board of Directors recommended that shareholders approve dividends of RUB 8,158.5 million, or RUB 63 per share (RUB 21 per Global Depositary Receipt), from the Company’s unallocated net profit as of 31 March 2016.

The new edition of PhosAgro’s Articles of Association bring the document in line with current legislation and contains changes aimed at ensuring the Company is compliant with the recommendations contained in the Central Bank of Russia’s Codex of Corporate Governance. 

This includes a change in the Company’s name and legal form, in line with Russian legislation. Open Joint Stock Company PhosAgro is due to become Public Joint Stock Company PhosAgro. July 2016 will mark five years since the Company held its IPO. PhosAgro’s shares trade on the Moscow Exchange, while Global Depositary Receipts for shares trade on the London Stock Exchange and are included in the MSCI Russia index.

The Board of Directors also approved Andrey Guryev holding the position of PhosAgro CEO while also serving as President of the Russian Association of Fertilizer Producers.

In addition, several related party transactions were approved at today’s Board meeting.