Perm Engines holds annual shareholder meeting

Perm Engines held its shareholder annual general meeting on June 7, 2012, which reviewed the companys 2011 results. The shareholders confirmed the annual report and annual financial statements for 2011.

A new, nine-member board of directors was selected.

NTTs Audit LLC was confirmed as the companys auditor.

Company results for 2011

In 2011 in accordance with the decision by Perm Engines shareholders, the company continued to sell off non-core low-liquid assets.

Shares in Upravlenie-PM, Reforma-PM and Obshzhezhitya-PM were sold off via public tender in 2011 and early 2012.

Real estate belonging to Perm Engines, but used as production facilities by Perm Engine Company, was acquired by the factory in 2011. Real estate in which neither PMZ nor its related enterprises had expressed any interest was sold off to third parties.

In the first half of 2012, Perm Engines will complete its sales of non-core real estate.

Shareholders who voted against or abstained from voting on the issue of approving a large deal at the Perm Engines shareholder AGM in 2011 got the right to demand a buyback of their shares by the company. The total number of shareholders who exercised this right and presented shares for buyback exceeded 600. As a result, the company bought back 798,000 of its own shares at a cost of more than 82 million rubles.

Perm Engines was founded in 1992. Its main shareholders are Perm Engine Company (37.26%) and UEC (15.75%).