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Hals-Development (HALS)

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Friday 01 April, 2016

Hals-Development

THE BOARD OF DIRECTORS RESOLUTIONS

RNS Number : 8600T
Hals-Development PJSC
01 April 2016
 

THE BOARD OF DIRECTORS RESOLUTIONS

 

MOSCOW, RUSSIA - April 01, 2016 - HALS-Development (LSE, MICEX: HALS), a major Russian real estate Company, announces the Board of Directors resolutions passed at the meeting on 31st  of March 2016 (Minutes № 9 dated March 31, 2016).

 

4 members of 7 elected members of the Board of Directors have participated at absentee vote. There was a quorum on the issues of agenda.

 

Resolutions:

 

1. To approve interested party transaction - Addendum #2 to the Non-residential premises lease agreement #01-1520/15 made with VTB DC on October 05, 2015 (further - the "Addendum") on the following terms and conditions:

Parties of transaction:

Hals-Development PJSC - "Lessor"

VTB DC - "Lessee"

Subject of transaction: Addendum #2 is aimed to change term of premises` transfer from the Lessor to the Lessee, and supplemented by the terms of the accrual of interest on the funds under the Agreement.

 

Price of transaction: Addendum doesn`t change the price of the Non-residential premises lease agreement #01-1520/15. The price of the Non-residential premises lease agreement #01-1520/15 made with VTB DC on October 05, 2015 is determined by the Board of Directors of Hals-Development PJSC on October 02, 2015 (the Minute of the Board of Directors meeting #4 dd 10/02/2015) in the amount not exceed 100,000,000.00 (one hundred million) rubles.

Voting results:

           "FOR" - 4 votes; "AGAINST" - 0 votes; "ABSTAINED" - 0 votes.

 

 

 

Hals-Development ("the Company") is the fastest growing developing company, specializing in commercial and residential real estate; it controls all stages of development project: from making conception till the following management of the built object. The main shareholders of the Company are VTB Bank and Bank of Moscow.

The Company was the first Russian property developer to list its shares on the main market of the London Stock Exchange. The Company's shares are also listed on the Moscow Interbank Currency Exchange and the Moscow Exchange.

Starting operations in 1994, Hals-Development has successfully completed about 40 projects with a total area over 600,000 square meters. Hals-Development is currently developing such projects as development of hotel "Peking", building of Land Plot No. 11,  MIBC "Moscow-City", selling of residential premises of  "Nasledie",  "Wine House", "Peking Gardens", "Teatralny Dom"  and other projects in Moscow and regions. In 2011-2014 the Company put into operation more than 460 thousand sq.m., this is 6 large projects - shopping and entertainment mall "LETO" in Saint-Petersburg" (116 thousand sq. m.), business-center  Sky-Light (110 thousand sq. m.), residential complex "Solnce" (60 thousand sq.m.), elite residential quarter "Literator" (67 thousand sq.m.), the shopping center  "Children Dreamhouse Mall on Lubyanka" (73 thousand sq.m.) and resort "Kamelia" in Sochi (53 thousand sq.m.). The total value of development projects of HALS-Development is 1.6 mio sq.m.

 

For further information please contact:

 

Elizaveta Bekreneva

Corporate Secretary

Tel. +7 (495) 589-2222 (ext. 1338)

[email protected]


 

***

The information in the press release may contain forward-looking statements regarding future events or the future financial performance of Hals-Development. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could", "may" or "might" the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and those actual events or results may differ materially. We do not intend to update these statements to reflect events and circumstances occurring after the date thereof or to reflect the occurrence of unanticipated events.

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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