Glass Lewis and ISS Recommend that Mechel Shareholders Vote “for” Deals with Creditors
OREANDA-NEWS. Mechel OAO (NYSE: MTL; MICEX: MTLR), a leading Russian mining and metals company, announces that Glass Lewis and ISS, independent proxy advisory firms, have recommended that Mechel OAO shareholders vote to approve the deals with creditors at the Company’s extraordinary general meeting scheduled for March 4, 2016.
Glass Lewis and ISS recommended that Mechel shareholders approve the transactions on providing and changing suretyships and pledges provided by the company to the following lenders: Sberbank PJSC, Gazprombank (Joint Stock Company), VTB Bank (PJSC) and the syndicate of banks, noting that approval of the transactions is essential for the success of Mechel OAO’s debt restructuring and stressing that their terms have been reviewed and unanimously approved by a special committee of independent directors and an independent appraiser.
ISS and Glass Lewis are the leading independent international proxy advisory firms, and their voting analyses and recommendations are relied upon by thousands of major institutional investment firms, mutual funds and fiduciaries throughout the world.
Mechel’s Board earlier addressed minority shareholders, calling on them to support the proposed debt restructuring plan, based on an independent consultant’s fairness opinion.
Shareholders are strongly urged to vote their shares for all proposals at the EGM in line with the recommendations of the Board of Directors. In order to ensure that their shares are validly voted at this extremely important meeting, shareholders are also strongly urged to review the Company’s website, www.mechel.com/shareholders/corporate_governance/shareholders_meeting, to determine if they need to supply additional information beyond their voting instructions.
Both the management and the board of directors of Mechel OAO urge shareholders to participate in the upcoming extraordinary general meeting and to show their support for the proposed debt restructuring.