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JSC “Polymetal” announces Board resolutions.
The Company’s Board of Directors resolved the following: 1.To appoint Mr. Vitaly Savchenko, 39, as a member of the Company’s Management Board effective September 9, 2011. In this position he will replace Mr. Igor Venatovsky, 63, who will continue to work as an advisor to the CEO. Mr. Savchenko has been the Company’s COO since April 2009 and has been with Polymetal since 2004. 2.To amend the employment contract with Mr. Vitaly Nesis, CEO of Polymetal. The amendment, proposed by the Company’s Remuneration and Nomination Committee, sets the base salary payable to Mr. Nesis by the Company and its subsidiaries with effect from September 1, 2011. 3.To approve the opportunity to raise financing by entering into repo transactions with respect to up to 34,450,375 ordinary shares of Polymetal, owned by POLYMETAL ESOP LIMITED, Polymetal’s subsidiary, with an interest rate not exceeding the sum of LIBOR in US Dollars plus a margin of 3% per annum, a term not exceeding one year, and allowing the Company having the right to accelerate the repurchase date at any time. |
