En+ Group announces Director's resignation
18 May 2018 - En+ Group plc (the "Company", "En+ Group" or together with its subsidiaries "the Group") announces that:
At the Company's Board of Directors (the "Board") meeting held this morning, the Board unanimously endorsed the Independent Chairman's proposals and strategy ("the Barker Plan") to have sanctions imposed on the Company by the Office of Foreign Assets Control ("OFAC") lifted (and with it sanctions on the Company's subsidiaries, including UC RUSAL Plc ("Rusal") and JSC Eurosibenergo) by severing the control of the Company by its ultimate controlling shareholder and a non-executive director, Mr. Oleg Deripaska. The Barker Plan seeks to both reduce Mr. Deripaska's shareholding below 50% and to end his influence over the Board through the appointment of a majority of independent directors.
Following the Board meeting, the Chairman formally accepted both Mr. Oleg Deripaska's resignation as a director of the Company, with immediate effect and his undertaking not to seek re-election as a director of Rusal, at the forthcoming Annual General Meeting.
Under the terms of the shareholders' agreement between EN+ Group Limited, Glencore International AG, SUAL Partners Ltd. and Onexim Holdings Limited dated 22 January 2010, Lord Barker of Battle, in his capacity as the Chairman, will propose that Mr. Philippe Mailfait, currently an independent director of En+ Group will replace Mr. Oleg Deripaska on the Board of Directors of Rusal.