MHP S.A. Announces Results of AGM
OREANDA-NEWS. MHP S.A. (LSE: MHPC) (MHP or The Company) announces that at its Annual General Meeting of shareholders (Meeting), held at 5, rue Guillaume Kroll, Luxembourg, L-1882, R.C.S. Luxembourg B 116.838 on Monday, 28 April 2014 all resolutions were adopted.
The agenda of the Meeting was as follows:
1. Presentation of the management report of the board of directors and of the independent auditor.
2. Presentation and approval of the MHP S.A. Consolidated Financial Statements for the financial years ended 31 December 2013, 2012 and 2011 and report of the rЁ¦viseur d'entreprises (including stand alone financial statements) as of 31 December 2013.
3. Allocation of the results.
4. Ratification of the allocation of a part of the non-distributable reserve for own shares to the share premium in relation with the Company's shares bought back by the Company.
5. Discharge to be granted to the independent auditor for the financial year ending 31 December 2013.
6. Discharge to be granted to the members of the board of directors for the financial year ending 31 December 2013.
7. Ratification of the director's remuneration for the financial year 2013.
8. Renewal of the mandate of the independent auditor until the following general meeting called to approve the annual accounts of the Company as of 31 December 2014.
9. Ratification of the interim dividends paid during the financial year 2013.
MHP is the leading producer of poultry products in Ukraine with the greatest market share and highest brand recognition for its products. MHP owns and operates each of the key stages of chicken production processes, from feed grains and fodder production to egg hatching and grow out to processing, marketing, distribution and sales (including through MHP's franchise outlets). Vertical integration reduces MHP's dependence on suppliers and its exposure to increases in raw material prices. In addition to cost efficiency, vertical integration also allows MHP to maintain strict biosecurity and to control the quality of its inputs and the resulting quality and consistency of its products through to the point of sale. To support its sales, MHP maintains a distribution network consisting of 11 distribution and logistical centres, within major Ukrainian cities. MHP uses its trucks for the distribution of its products, which Management believes reduces overall transportation costs and delivery times.
MHP also has a leading grain cultivation business growing corn to support the vertical integration of its chicken production and increasingly other grains, such as wheat and rape, for sale to third parties. MHP leases agricultural land located primarily in the highly fertile black soil regions of Ukraine.
Since May 15, 2008, MHP has traded on the London Stock Exchange under the ticker symbol MHPC.
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