Lenta Ltd Completion of acquisition (5449X)
30 Aprile 2019 - 10:33AM
UK Regulatory
TIDMLNTR TIDMLNTA
RNS Number : 5449X
Lenta Ltd
30 April 2019
LENTA ANNOUNCES COMPLETION OF ACQUISITION OF ITS GDRS BY LLC
"SEVERGROUP", THE RESIGNATION OF FOUR DIRECTORS, AND THE ELECTION
OF MR STEPHEN JOHNSON AS THE CHAIRMAN OF THE BOARD OF DIRECTORS
St. Petersburg, Russia; 30 April 2019 - Lenta Ltd. ("Lenta" or
the "Company"), one of the largest retail chains in Russia, today
announces that the Company is aware that LLC "Severgroup"
("Severgroup") has completed its acquisition of 166,383,595 Lenta
GDRs, representing approximately 34.45% of the issued and
outstanding voting shares (excluding treasury shares) in Lenta from
the investment vehicle of TPG Group, Luna Inc., as well as the
acquisition of 36,076,870 Lenta GDRs representing approximately
7.47% of the issued and outstanding voting shares (excluding
treasury shares) in Lenta from the European Bank for Reconstruction
and Development ("EBRD"), in each case, at a price of US$ 3.60 per
Lenta GDR.
In connection with the acquisition, the nominees of Luna Inc.
and the EBRD serving on the Lenta Board of Directors -- the
Chairman of the Board John Oliver, Dmitry Shvets, Steven Hellman
and Martin Elling - have all stepped down from the Board. As such,
the remaining members of the Board are Michael Lynch Bell, Stephen
Johnson and Julia Solovieva (all independent directors) together
with the CEO Herman Tinga and the CFO Rud Pedersen.
Stephen Johnson, the senior independent director on the Lenta
Board of Directors, has been elected as the new Chairman of the
Board. The vacated seats on the Board of Directors will be filled
at the next Lenta shareholders' meeting, provided that, as
previously announced, if and when Severgroup holds in aggregate
more than 50% of Lenta voting shares (including in the form of
GDRs, excluding treasury shares) then the Board of Directors will
use its authority to fill these vacated seats and place four
nominees of Severgroup on the Board (with their term expiring at
the next Lenta shareholders meeting), upon which a new chairman may
be elected.
Lenta would like to thank Messrs. Oliver, Shvets, Hellman and
Elling for their many important contributions to the Company over
the past years and wish them well in their future endeavours.
About Lenta
Lenta is the largest hypermarket chain in Russia and the
country's third largest retail chain. The Company was founded in
1993 in St. Petersburg. Lenta operates 244 hypermarkets in 88
cities across Russia and 132 supermarkets in Moscow, St.
Petersburg, and the Siberia, Urals and Central regions, with a
total of approximately 1,465,426 sq.m of selling space. The average
Lenta hypermarket store has selling space of approximately 5,500
sq.m. The average Lenta supermarket store has selling space of
approximately 800 sq.m. The Company operates twelve distribution
centers.
The Company's price-led hypermarket formats are differentiated
in terms of their promotion and pricing strategies as well as their
local product assortment. The Company employed approximately 45,759
people as of 31 December 2018(1) .
The Company's management team combines a mix of local knowledge
and international expertise coupled with extensive operational
experience in Russia. Lenta's largest shareholders include
Severgroup LLC, which is committed to maintaining high standards of
corporate governance. Lenta is listed on the London Stock Exchange
and on the Moscow Exchange and trades under the ticker: 'LNTA'.
(1) FTE (full-time equivalent). Average FTE for 1H2018 was
49,643 employees
A brief video summary on Lenta's business and its Big Data
initiative can be seen here.
For further information please visit www.lentainvestor.com, or
contact:
Lenta Russian Media:
Mariya Filippova NW Advisors
PR and GR manager Anton Karpov & Victoria Afonina
Tel: +7 812 380-61-31 ext.: el:+7 495 795 06 23
1892 E-mail: lenta@nwadvisors.com
E-mail: maria.filippova@lenta.com
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END
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