Due to lack of quorum on Sunday, the Annual General “TogliattiAzot” Shareholders' Meeting was cancelled. The meeting agenda included items about the annual report and annual financial statements for 2014, distribution of profits and losses, including the payment of dividends, the election of the members of the Board of Directors, Audit Committee and approval of the auditor.

This is the third attempt to convene the Annual General “TogliattiAzot” Shareholders' Meeting. It also did not take place due to the lack of quorum in May and in June. According to "Kommersant", this Sunday it could not carry out because of the change of the main owner of the company.
In early September, ToAZ announced the sale of a majority stake in the company to the international investment fund Credit Mediterranee SA, which belonged to the ex-president of the Republic of Kalmykia, the president of the International Chess Federation (FIDE) Kirsan Ilyumzhinov, who also was appointed president of the management company for “TogliattiAzot” - JSC “Corporation “TogliattiAzot”.
"The company lacked the technical capability to adjust the documentation for the Annual General Meeting of Shareholders, taking into account the appearence of a new owner of a controlling stake in the company because all the documents for the meeting were established even before the actual deal," - a source at the Togliatti plant said.
Recall ToAZ deal with Kirsan Ilyumzhinov displeased the minority shareholder of the enterprise of "UCC "URALKHIM" (owns 9.74% of shares). The company then stated that, in their opinion, the information on the sale of a controlling stake in OAO “TogliattiAzot” "like an attempt to mislead the public and public authorities", because the transaction took place without the approval of the Federal Antimonopoly Service and the shares of ToAZ were arrested.
However, as “Kommersant” found out yesterday, it is not about buying shares of “TogliattiAzot”, but about a deal in which international investment fund Credit Mediterranee SA acquired a number of foreign companies, which own a controlling stake in Togliatti enterprise. "The requirements of FAS Russia apply only to transactions made in the territory of the Russian Federation in respect of enterprises in the territory of the Russian Federation. In this case, the deal has been made by foreign companies in the territory of a foreign state, "- said "Kommersant" the lawyer, who wished to remain anonymous.
According to the statements, ToAZ shows the operating and financial stability. For six months of this year, revenues amounted to 29.2 billion rubles against 21.2 billion rubles in the same period last year, net profit - 9.5 billion rubles against 4.9 billion rubles in the first half of 2014. “TogliattiAzot” does not provide "Consolidated IFRS", but according to Russian Accounting Standards for 2014, the company's operation is successful. The company has low debt - 2.3 billion rubles. This revenue for the year increased from 37.7 billion rubles to 48.45 billion rubles (+ 28.5% yoy), net profit for 2014 amounted to 15 billion rubles compared to 9.25 billion a year earlier (+ 62%)," - says principal analyst at IFC "Solid" Azret Guliyev.
As for the third time failed meeting of shareholders, as previously explained by CEO of JSC "Corporation" “TogliattiAzot” Vyacheslav Suslov, expiration of the term of the current board of directors does not mean any breaking of powers of the sole executive body of the company, whose functions are performed by a managing organization. "She still manages the company within the framework defined by her current legislation and the Charter of OAO “TogliattiAzot”, - says Mr. Suslov. "This situation will hardly affect the company's operation or will not affect it at all». The company's management is in its place, as the sole executive body of the company - its management organization. If they work well, the direct activities of companies can not be hurt, "- agrees the partner of "Business fairway" company Dmitry Lipatov.

Ekaterina Vyushkova