Maxi Group elects new GD

Maxi Group’s Board of Directors decided to coordinate an extraordinary general meeting of the company’s shareholders on September 5, 2008. The main point on the proposed agenda is the early termination of Maxi Group’s BOD members’ powers and electing the new Board of Directors.

Maxi Group’s extraordinary general meeting in Moscow resulted in the stockholders’ refusal to terminate the current BOD members’ authority. There were 1,000,001 votes (50.000050%) against this decision.

The shareholders decided to terminate the authority of Maxi Group’s President Nikolai Maximov in the course of an extraordinary general meeting. The decision was taken due to the fact that this position was missing from the company’s new Charter (adopted in the course of the same meeting).

Governor of Sverdlovsk Region Eduard Rossel met up with Novolipetsk Iron & Steel Works (NLMK) BOD Chairman Vladimir Lisin and Maxi Group’s General Director Valeriy Shevelev to discuss their businesses’ performance. A little over a year ago, NLMK group (headed by Vladimir Lisin) acquired Maxi Group’s controlling shareholding. As it happens, Maxi Group actually comprises a number of Sverdlovsk Region-based metallurgical plants; in addition, NLMK owns the local VIZ Stal. Vladimir Lisin informed the Governor that all of the holding’s enterprises kept on operating. He explained that about 60%

CIT Capital’s Board of Directors decided to terminate the authority of the company’s current General Director on September 30, 2008 and to cancel his labor contract on the same date. Starting October 1, 2008, the company’s CFO Alexei Averkiev will be acting GD until the new director has been elected.