"Bashneft" announces call for redemption
OJSC ANK "Bashneft" Board of Directors, and also Boards of Directors of the company’s affiliates participating in transition to the unified share system among which are OJSC "UNPZ", "Novoil", "Ufaneftechim", "Bashkirnefteprodukt" and "Orenburgnefteprodukt" confirmed the reports on results of the call for redemption to shareholders.
As the "Bashneft" website informs, shareholders who did not take part in voting or voted against reorganisation had the right of shares redemption.
According to the law «On joint-stock companies», the total sum of funds which the company can use for redemption of stock at the shareholders, cannot exceed 10 percent of its net assets cost. If the total stock submitted to redemption exceeds quantity of securities which can be redeemed by the company taking into account the specified restriction, than the stock are redeemed at shareholders proportionally to filed applications.
— The stock redemption at a fair market price is the standard practice and additional way of the company profit distribution in favour of all shareholders of Bashneft Group of Companies, — the Chairman of Board of Directors Alexander Goncharuk marks. — Together with the dividends of OJSC ANK "Bashneft" recommended by the Board of Directors in the amount of 99 roubles per share, the total payments to shareholders for 2011 can exceed 75 percent of net profit of the company according to IFRS for the specified period.