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Press releases | Archive 2002

Annual general shareholders meeting of RBC Information Systems

The RBC Board of Directors convened for a meeting on May 17, 2002. It was attended by four new non-executive independent directors, who had been elected on the Board at the previous meeting.

The Board decided to establish a business television company tentatively called RBC TV. RosBusinessConsulting will register a separate legal entity for the implementation of this project. The Board reserved the right to invite outside investors to take part in RBC TV. The project is estimated to start in the first half of 2003.

The Board also decided to hold a General shareholder meeting on June 14, 2002 and approved a draft of the new edition of the Articles of Association to be presented to shareholders. Proposed amendments envisage additional measures that are aimed at protecting the rights of minority shareholders.

Commenting on the results of the Board meeting, Mr. Michael Hammond, an RBC non-executive director, said that the Board considered a report on the progress of acquisition negotiations with a number of media and IT companies. "The Board approved these talks and was interested in the acquisition of some companies. We charged the RBC Management with finalizing these deals in the next few months," he said.

Additionally, the Board considered the Company's financial performance in the 1st quarter of 2002, found it satisfactory, stressing that revenue and profit were in line with projections. The Management was commissioned to make financial result updates for the Board on a quarterly basis.


Press and investor contacts:
Egor Timofeev
Tel: +7 (495) 363-1111
Email: pr@rbc.ru
Web: www.rbcholding.com