Tovkachivskyi Mining and Processing Plant (TGOK, Pershotravneve, Zhytomyr region) will summarize the company’s performance in 2020-2023, decide on the distribution of profits for this period, terminate the powers of the existing members and elect new ones.
According to the company’s announcement in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), such issues are on the agenda of the remote general meeting of shareholders scheduled for November 8 this year.
The shareholders intend to amend the company’s charter by restating it in a new version, cancel the existing ones and approve new internal regulations governing the activities of the company’s management and control bodies.
It is also planned to consider the issue of dissolving the company’s reserve capital and transferring the funds from it to the company’s retained earnings, and to cancel the current principles of corporate governance. To hear the reports of the Supervisory Board for 2020-2023, the auditors’ findings and approve measures based on the results of their consideration.
In addition, the shareholders will hear and approve the results of the company’s financial and economic activities for 2020-2023 with the distribution of profits or repayment of losses, decide to terminate the powers of the chairman and members of the SB, elect new ones, and appoint an audit entity to provide statutory financial audit services.
The draft decisions state that in 2020, TGOK received UAH 78 million 175,767 thousand, which is proposed to be left undistributed, and no dividends are to be accrued or paid. In 2021, the company made a profit of UAH 44 million 223,637 thousand, which is also proposed to be left undistributed.
For 2022, the net profit amounted to UAH 14 million 659,029 thousand, which is also proposed to be retained. The company ended 2023 with a net loss of UAH 794,133 thousand.
The meeting was proposed to appoint Audit Firm Account PE as the auditor.
TGOK is a quartzite mining, processing and enrichment company. It is the main supplier of raw materials for the production of ferroalloys, refractories and dinas in Ukraine.
TGOK is developing the Tovkachivska area of the Ovruch quartzite deposit in Pershotravneve village using the open-pit method.
According to the second quarter of 2024, Navaro Development Limited owns 5.1898% of the company’s shares, Lucrino Investments Limited – 9%, Mantara Holdings Limited – 72.0629%, Duxton Holdings Limited (all Cyprus) – 12.1891%.
The authorized capital of the company is UAH 1.6 million, the nominal value of a share is UAH 2.25.
