Results of the Annual General Meeting of shareholders
MD Medical Group Investments Plc (“MD Medical Group”, “MDMG” or the “Company” – LSE: MDMG), Russia’s leading provider of private women’s and children’s health care, today announces that the Company held its Annual General Meeting of shareholders.
The AGM was held in Limassol, Cyprus on 23 May 2014 at 9.30 am local time, and had a 100% quorum with 75,125,010 shares present.
The AGM passed the following resolutions by a majority of members:
Ordinary Resolutions:
- To adopt the consolidated financial statements of the Company for the financial year ended 31 December 2013, together with the reports of the directors and independent auditors.
- To re-appoint KPMG Limited as auditors of the Company, to hold office until the conclusion of the next annual general meeting of the Company and to authorize the Board of Directors to determine the remuneration of the auditors.
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To re-appoint the following members of the Board of directors of the Company:
Mssrs. Apollon Athanasiades, Elia Nicolaou, Angelos Paphitis, Andreas Petrides and Marios Tofaros, as directors of the Company, for one year, to hold such office until the conclusion of the next annual general meeting of the Company. - To approve the distribution by the Company of a final dividend, out of the profits made during the year 2013, in the amount of 0.07 USD per ordinary share/GDR.
As indicated by the Company earlier, the dividend record date was set for 23 May 2014. The payment of the dividends is expected by 30 May 2014.
Special Resolution
- To authorize the Board of Directors of the Company to acquire up to a maximum of 400,000 GDRs listed on the London Stock Exchange representing interests in ordinary shares of US$0.08 each in the Company, either by private agreement or from the market, within a time period of twelve months from the date of approval of the present resolution.
- To fix the purchase price of each GDR which may be acquired by the Company as aforesaid be not more than US$10 and not less than US$5.
- To determine the period of retention by the Company of the GDRs which may be acquired by the Company be that which is determined by the Board of Directors from time to time, provided that it may not exceed two years from the date of acquisition of the relevant GDRs.
The Minutes of the AGM are available for viewing at the registered office of the Company at 84 Spyrou Kyprianou, 2nd floor, office # 7, Limassol 4004, Cyprus and will shortly be available at the National Storage Mechanism of the UK Listing Authority, located at www.morningstar.co.uk/uk/.
For further information please contact:
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Investors |
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Elena Romanova
MD Medical Group Investments Plc |
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Consilium Strategic Communications |
About MD Medical Group
MD Medical Group operates in the highly attractive Russian private healthcare service market and has a leading position in high-quality women's health and paediatrics. The company manages 17 modern healthcare facilities, including 2 hospitals and 15 outpatient clinics in Moscow, St. Petersburg, Ufa, Perm, Samara and Samara region, Irkutsk and Yaroslavl. In addition, 3 franchised outpatient clinics operate in Kyiv, Ukraine.
The Company's main medical facilities are the Perinatal Medical Center (PMC), a 250-bed medical centre, which opened its doors in 2006, and Lapino hospital, a 182-bed medical centre, which opened at the end of 2012. In 2013, there were 3,816 deliveries in PMC and Lapino. The number of outpatient treatments for 2013 in PMC and the Company's outpatient clinics totalled 627,247. In March 2013, the Company began construction of its third hospital in Ufa. In April 2013 MD Medical Group completed the acquisition of the IDK Medical Company ("IDK"), a network of women's and children's health clinics located in the Russian region of Samara. In May 2013, the Company acquired Mother&Child clinic in Irkutsk, which had previously operated through a franchise agreement with MD Medical Group. The same month the Company completed a large-scale modernisation project of its Mother & Child Health Clinic in Moscow. In December 2013, a new outpatient clinic was opened in Yaroslavl which became the first healthcare facility in the region to provide IVF services.
The Company's shares have been listed on the London Stock Exchange (LSE ticker "MDMG") in the form of Global Depositary Receipts (GDRs) since 12 October 2012.
Forward-Looking Statements:
This press release contains forward looking statements, which are based on the Company’s current expectations and assumptions and may involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. The forward looking statements contained in this press release are based on past trends or activities and should not be taken that such trends or activities will continue in the future. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a number of variables which could cause actual results or trends to differ materially, including, but not limited to: conditions in the market, market position of the Company, earnings, financial position, cash flows, return on capital and operating margins, anticipated investments and economic conditions; the Company’s ability to obtain capital/additional finance; a reduction in demand by customers; an increase in competition; an unexpected decline in revenue or profitability; legislative, fiscal and regulatory developments, including, but not limited to, changes in environmental and health and safety regulations; exchange rate fluctuations; retention of senior management; the maintenance of labour relations; fluctuations in the cost of input costs; and operating and financial restrictions as a result of financing arrangements.
No statement in this press release is intended to constitute a profit forecast, nor should any statements be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for the Company. Each forward looking statement relates only as of the date of the particular statement.