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Related Party Transaction • Nov 11, 2015
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Related Party Transaction
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PJSC MAGNIT - Execution of Related Party Transaction
PR Newswire
London, November 11
Press-release
Krasnodar
November 11, 2015
PJSC “Magnit” Announces the Execution of the Related Party Transaction
Krasnodar, November 11, 2015: PJSC “Magnit”, Russia’s largest food retailer (the “Company”, the “Issuer”; MOEX and LSE: MGNT), announces the execution of the related party transaction on November 11, 2015.
Please be informed that on November 11, 2015 PJSC “Magnit” (the Lender) and JSC “Tander” (the Borrower) executed the related party transaction, according to which the Lender provides the loan of funds to the Borrower which is to be repaid by the Borrower within the period determined by the contract. The repayment of the loan and (or) the interest may be effected by the Borrower in advance, without written notice to the Lender of the loan repayment, by means of transfer of the loan to the bank details specified in the contract or otherwise not contradictory to the Civil Code of the Russian Federation (offset of mutual claims, assignment of a claim, etc.).
The essentials of the transaction are as follows:
| Type of transaction: | related party transaction |
| Subject of transaction: | loan of funds |
| Parties and beneficiaries under transaction: | the Lender – Public Joint Stock Company “Magnit” the Borrower – Joint Stock Company “Tander” |
| Maturity: | loan maturity date –8.11.2018 |
| Transaction amount: | 9,998,500,000.00 rubles, which amounts to 8.92% of the balance sheet value of assets of the issuer |
| Interest rate: | 12 % per annum |
| The assets value of the issuer as of the closing date of the last reporting period preceding the transaction execution: | 112,040,106 thousand rubles |
The transaction was approved by the General shareholders meeting on September 24, 2015 (minutes of the extraordinary General shareholders meeting of PJSC “Magnit” w/o No. of September 29, 2015).
For further information, please contact:
| Timothy Post | Head of Investor Relations Email: [email protected] Office: +7-861-277-4554 x 17600 Mobile: +7-961-511-7678 Direct Line: +7-861-277-4562 |
| Investor Relations Office | [email protected] Direct Line: +7-861-277-4562 Website: ir.magnit.com/ |
| Media Inquiries | Media Relations Department [email protected] |
Company description:
Magnit is Russia's largest food retailer. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of September 30, 2015, Magnit operated 29 distribution centers and about 11,400 stores (9,246 convenience, 335 hypermarkets, and 1,807 drogerie stores) in 2,297 cities and towns throughout 7 federal regions of the Russian Federation.
In accordance with the reviewed IFRS consolidated financial statements for 1H 2015. Magnit had revenues of RUB 455 billion and an EBITDA of RUB 49 billion. Magnit's local shares are traded on the Moscow Stock Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB+. Measured by market capitalization, Magnit is one of the largest retailers in Europe.
