TGK-2 directors recommend no dividends for 2011 due to loss
MOSCOW. May 28. (Interfax) - The board of directors of OJSC TGK-2 has recommended that shareholders decline dividend payouts for 2011 at their annual meeting, the company said in a statement.
TGK-2 posted a 2.5-billion-ruble net loss last year. It also paid no dividends for 2010 due to a net loss of 1.77 billion rubles.
The board of directors has scheduled the annual general meeting for June 29. The list of shareholders with the right to participate in the meeting was compiled on May 25. The meeting will be held under a standard agenda.
TGK-2's board has also recommended that shareholders approve the composition of the board of directors - at either nine members or 16. At the moment, the board has nine members.
TGK-2 has charter capital of 14,749,230,889.31 rubles divided into 1,458,401,856,250 ordinary shares and 16,500,533,681 preferred shares. Over 40% of the company's shares belong to the Sintez Group, and according to TGK-2's data, around 26% belong to Prosperity Capital Management.
TGK-2 has power plants in six Russian regions - the Arkhangelsk, Vologda, Kostroma, Novgorod, Tver and Yaroslavl regions. Total installed electric power capacity is 2,582.5 mWt, and heat capacity - 12,473 gCal/hour.