Positive Technologies cofounder Maximov leaves board
MOSCOW. June 27 (Interfax) - The cofounder of Russian information security company Positive Technologies , Dmitry Maximov has stepped down from the board of directors of PJSC Positive Group, the company reported.
"Dmitry Maximov, one of the cofounders of the company, has decided to focus on realizing his own projects and resigned his position as a member of the board of directors. The board of directors will continue with a reduced membership, the vote of the departing member of the board of directors will not be counted in voting and determining a quorum," the company said in a press release.
Positive Group plans to soon hold an extraordinary general meeting to elect a new board. Maximov remains a major shareholder of Positive Group with a 7.72% stake.
The European Union imposed sanctions against Positive Group as part of its eleventh package of sanctions against Russia. The EU said the sanctions apply to Russian IT companies that provide key technologies and software for Russian intelligence and entities that work with Russia's armed forces.
Positive Group said the EU sanctions do not affect the operations of the company, its partners and customers, and do not apply to its employees, senior executives and shareholders, including individuals.
"Our international interests are not related to EU countries and are focused foremost on regions willing to work with organizations from the Russian Federation, including the markets of Latin America, the Middle East, North Africa and Southeast Asia, as well as India, South Africa, China and others," the company said.
Back in the fall of 2021, after Positive Group was included in a U.S. sanctions list, the company said that its "sanctions risks were played out earlier and now they do not carry additional threats for it."
Positive Group was listed on the Moscow Exchange in December 2021. By the time of the listing and start of trading, the free float amounted to 10.89% of common shares. The shares were issued to current and former group employees, as well as gifted to partners by existing shareholders.
The company carried out a secondary public offering last September, placing 932,600 shares or 1.41% of equity. The free float is now 13.1%.
The group's main operating company is JSC Positive Technologies, which is wholly owned by Positive Group. In addition to Dmitry Maximov, the principal shareholders are Yury Maximov with 51.89% and Yevgeny Kireyev with 7.94% of common shares.
Positive Group closed 2022 with IFRS revenue of 13.8 billion rubles and sales (licensed products or signed contracts for cybersecurity services) totalled 14.5 billion rubles. The company's net income before capitalization of expenses totalled 5 billion rubles.