OREANDA-NEWS. June 25, 2012. PhosAgro ("PhosAgro" or "the Company") (MICEX-RTS, LSE: PHOR), a leading global vertically integrated phosphate-based fertiliser producer, announces the outcome of the annual general meeting of shareholders (AGM) of OJSC Apatit held on 15 June 2012.

Shareholders voted on and approved OJSC Apatit’s annual financial statements for 2011, including the profit and loss statement, and the election of the Board of Directors and revision commission, as well as OJSC Apatit’s external auditor.

The AGM also voted against the distribution of profits proposed by OJSC Apatit’s Board of Directors for 2011. The Board of Directors had proposed to pay out 25% of OJSC Apatit’s 2011 net profit, or more than RUB 805.3 million, in the form of dividends on ordinary and preferred shares.

The AGM therefore voted to retain 100% of the 2011 net profit as the primary source of financing for OJSC Apati’s capital investment projects. The approximately RUB 7 billion of investments planned by OJSC Apatit in 2011 are aimed at developing the company’s phosphate rock assets, as well as supporting and increasing processing capacity and production infrastructure; increasing production volumes and reducing the costs of production; and also at enhancing industrial, environmental and fire safety.