The shareholders of Mechel did not muster a quorum for approval of deals with banks
Edited by Rhod Mackenzie / 2016-03-09 10:27:44
“We have failed to win sufficient number of votes of the minority shareholders, required for an approval of deals with the creditor banks to provide additional collateral and guarantee, at an extraordinary meeting. We believe one of the reasons is the recently introduced disclosure requirements as to ADR holders in the Russian legislation. The share of ADR holders makes up 2/3 of minority shareholders. Additional difficulties were due to the fact that many actual holders receive information through a chain of brokers and they failed to get instructions of depository for voting on time.
