PJSC “RPC “United Wagon Company” (“UWC” or the “Company”) (MOEX: UWGN) reports below the latest court rulings on the lawsuits filed against UWC in connection with the resolutions passed by the Extraordinary General Shareholder Meeting held on 19 March 2018 (the EGM).
On 13 December 2018, the Arbitration Court of Moscow ruled to reject the lawsuit filed by «Investment management» LLC against UWC to make the Company buy back its own stock held by the plaintiff. Earlier, on 6 December 2018, the court rejected a similar lawsuit from IQG Asset Management JSC. The aggregate of the shareholders’ claims against UWC amounted to RUB 8.2 billion (excluding any applicable loan interest accruals).
On 20 November 2018, the 9th Arbitration Court of Appeal, Moscow, cancelled entirely the ruling of the Arbitration Court of Moscow passed on the claim filed by Roman Savushkin, CEO at UWC, and declared invalid the EGM resolutions that approved the Company’s acting as a surety to secure the liabilities of its subsidiaries under a series of freight car sale and purchase agreements. The latest court rulings reinforce the Company’s stance that its shareholders that were absent from, or voted against the above approvals at the EGM, have no grounds to seek stock buybacks in this case.