On May 17, 2005 the Board of Directors of OJSC North-West Telecom determined the rate of dividends based on the performance of the company in 2004 and approved the agenda for the annual general meeting of shareholders scheduled for June 27, 2005.
The Board of Directors decided to recommend to the general meeting of shareholders that dividends for 2004 should be paid at the rate of 0.248 ruble (0.083 ruble for 2003) per ordinary share and 0.469 ruble (0.357 ruble for 2003) per preference share from August 15, 2005 till December 15, 2005 inclusive. The total amount allocated for dividends for 2004 is 336 million rubles or 24 % of the net profit of the company (133 million rubles, or 16% of the net profit in 2003). Let us remind that the list of persons entitled to participate in the Meeting is prepared based on the register as of May 10, 2005.
The Board of Directors approved the following agenda of the annual general meeting of shareholders:
- Approval of the annual report, annual accounting reports, including the profits and losses report (account) of the Company, as well as distribution of profit, including for dividends, and losses of the Company based on the results of the financial year 2004.
- Determination of the rate of dividends for 2004, forms and dates of dividend payment on each category (type) of shares.
- Election of members of the Board of Directors of the Company.
- Election of members of the Audit Commission of the Company.
- Approval of the External Auditor of the Company for 2005.
- Changes and additions to the Charter of the Company, approval of the amended Charter of the Company.
- Approval of the amended Regulation on the General Meeting of Shareholders of the Company.
- Approval of the amended Regulation on the Board of Directors of the Company.
- Determination of the compensation to the members of the Board of Directors of the Company.
- Withdrawal of OJSC NWT from the Association of Federal Business Network Operators ôIskraö.
- Withdrawal of the Company from the Union of Communications Facilities Producers and Consumers.
The Board of Directors also considered other issues relating to the preparation and holding of the annual general meeting of shareholders. From June 7, 2005 all materials for the annual general meeting of shareholders will be available on the corporate web-site www.nwtelecom.ru