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. Last Updated: 07/27/2016

Investors Waiting On Board Decision

Western investors in the Novolipetsk Ferrous Metal Factory, threatening legal action if their demands aren't met, expect an answer Monday to their request to nominate four candidates to the nine-seat board.


Cambridge Capital Management, represented by Salomon Brothers, and Sputnik Funds, the direct investment arm of Renaissance Capital, submitted their nominations to the agenda of the Feb. 12 closed board meeting.


Both firms, which allege that the rights of their investor clients were not adequately represented, said Thursday they have not been notified of the meeting's results.


"By law, they are required to notify within three days shareholders who submit nominations" to the board if those candidates are rejected, said Vladimir Kuznetsov, managing director of Salomon in Moscow.


The investors have promised to bring legal action if the board refused to allow their nominations.


Salomon's client Cambridge holds 17.2 percent of stock in Novolipetsk.