Notice of AGM

RNS Number : 5984D

Ukrproduct Group Ltd

17 May 2012

 



ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2011

AND NOTICE OF AGM

Kyiv, Ukraine - 17 May 2012 - Ukrproduct Group Limited (the "Company") (AIM: UKR), one of the leading producers and distributors of branded dairy products in Ukraine, announces that the annual report and accounts of the Company for the year ended 31 December 2011 have been posted to shareholders and are also available on the Company's website at www.ukrproduct.com.

The Company has also today dispatched the notice to shareholders convening the Company's Annual General Meeting ("AGM") to be held on June 7, 2012, at 5.00 pm (Kyiv time) at the offices of Ukrproduct Group Ltd at the following address: 14^th floor, 39-41 Shota Rustaveli Street, Kyiv 01033, Ukraine (the "Notice").

At the AGM the following resolutions will be proposed to:

1.        receive the consolidated accounts of the Company for the year ended 31 December 2011, together with the report of the Directors and the report of the Company's auditor thereon;

2.        approve the Directors' decision to not recommend a dividend for the year ended 31 December 2011.

3.        re-elect Jack Rowell, retiring in accordance with Article 17 of the Articles of Association of the Company, as a Director of the Company with effect from the date of the AGM;

4.        re-elect Sergey Evlanchik, retiring in accordance with Article 17 of the Articles of Association of the Company, as a Director of the Company with effect from the date of the AGM;

5.        re-elect Alexander Slipchuk, retiring in accordance with Article 17 of the Articles of Association of the Company, as a Director of the Company with effect from the date of the AGM;

6.        re-elect Olena Yakovenko, retiring in accordance with Article 17 of the Articles of Association of the Company, (having been appointed by the Directors as an additional Director of the Company on 3 September 2010), as a Director of the Company with effect from the date of the AGM;

7.        approve the appointment of Baker Tilly Channel Islands Limited as auditor to the Company to hold office until the conclusion of the next annual general meeting and to authorise the Directors to fix the auditor's remuneration;

8.        to authorize the Company to purchase up to 9,000,000 of the Company's Ordinary Shares.

Having shareholder approval to buy back shares is a right that other public companies, and companies trading on AIM, have and the Directors believe it is advantageous for the Company to have this flexibility to make market purchases of its own shares. In the event that shares are purchased, they would either be cancelled (and the number of shares in issue would be reduced accordingly) or be retained as treasury shares with a view to possible re-sale at a future date, or be dealt with by the Company as otherwise permitted by the Companies (Jersey) Law 1991, as amended.

Shareholders must be entered on the Company's share register at 5 pm BST on June 5, 2012 in order to be entitled to attend and vote at the AGM. Such shareholders may only cast votes in respect of shares held at such time. Changes to entries on the relevant register after that time shall be disregarded in determining the rights of any person to attend or vote at the AGM.

A copy of the Notice together with further information with regard to the AGM and other related issues is available on Ukproduct's website www.ukrproduct.com, as well as by request at the following address: Bedell Secretaries Limited, Secretary, 26 New Street St. Helier, Jersey JE2 3RA Channel Islands.

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For further information, please visit www.ukrproduct.com or contact:

Ukrproduct Group Ltd. Sergey Evlanchik Chief Executive Officer Tel: [phone] [e-mail] Seymour Pierce (Broker) Jacqui Briscoe Tel: [phone] WH Ireland Limited (Nominated Advisor)                         Robin Gwyn                                                                         Tel: [phone]     SP Advisors (Ukraine) Nick Piazza Tel: [phone] [e-mail]

Ukrproduct Group Ltd is one of the leading Ukrainian producers and distributors of branded dairy products. The Group's product portfolio includes processed and hard cheese, skimmed milk powder (SMP) and butter. Ukrproduct has built a range of recognisable product brands ("Our Dairyman", "People's Product", "Creamy Valley", Molendam", "Farmer's") that are well known and highly regarded by consumers. The Group has modern production facilities that comprise four dairy plants in western and central regions of Ukraine (Zhytomyr, Starokonstantyniv, Krasyliv and Letychiv) with a total annual integrated capacity of approximately 60,000 tons of dairy products. With its own fleet of more than 125 vehicles, Ukrproduct has one of the largest logistics and distribution networks in Ukraine which covers the country's eight major cities. The Group reported total assets of approximately GBP 31.1 million as at December 31, 2011 and consolidated revenues of approximately GBP 50.5 million for the twelve months ended December 31, 2011. Ukrproduct's securities are traded under the symbol "UKR" on AIM, a market operated by the London Stock Exchange.

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of the Group. 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. These statements are only predictions and that actual events or results may differ materially. We 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 such projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Ukraine, rapid technological and market change in our industry, as well as many other risks specifically related to the Group and its operations.

 

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