Update on litigation proceedings
Research and production corporation United Wagon Company (RPC UWC or the Company) (MOEX: UWGN) advises that, as of today's date, it has received a series of rulings on legal proceedings related to decisions made at its shareholder EGMS on 19 March 2018.
Having considered on 22 May 2019 the appeal made by OOO UK Upravlenie Investitsiami and, on 28 May 2019, the appeal made by IQG Asset Management, the Ninth Arbitration Court of Appeal upheld without variation the rulings of the Moscow Arbitration Court denying the above companies the right to force RPC UWC to repurchase their stock in the Company.
Earlier, the Arbitration Court of the Moscow District upheld the ruling of the Ninth Arbitration Court of Appeal which invalidated the decisions of the Extraordinary General Meeting of Shareholders (the EGMS) to approve the deeds of suretyship the Company intended to make in order to secure the fulfilment of obligations of its subsidiaries under freight car sale and purchase contracts.
The latest court rulings corroborate the position taken by RPC UWC that believes the buyback claims from its shareholders, who did not participate in the EGMS or voted against these decisions, to be ungrounded.
