YUKOS Board recommends dividend of about $2 billion
Posted: 30 October 2003
The Board of Directors of YUKOS Oil Company at its meeting of October
28, 2003 approved a recommendation to the extraordinary shareholders'
meeting scheduled for November 28, 2003 to approve an interim dividend
of about RUR 59.9 billion (about $2 billion) for the first 9 months
of 2003.
The proposed dividend is the largest single dividend ever paid
by a Russian company to its shareholders.
If approved by the extraordinary shareholders' meeting, the interim
dividend for the first 9 months of 2003 will be RUR 26.78 (about
$0.89) per one common share.
The Board of Directors will also recommend to the extraordinary
shareholders' meeting to pay the interim dividend by February 28,
2004 to shareholders of record as of September 25, 2003.
YUKOS earlier provided funding for an approximate $3.7 billion
share buyback in 2003. The amount paid by a YUKOS subsidiary for
the buyback combined with the proposed dividend, if approved, will
represent a total of $5.7 billion distributed to YUKOS' more than
56,000 shareholders through these two actions.
The final dividend for 2003 is expected to be proposed to the annual
general meeting of shareholders that will be held in 2004.
The Board of Directors also reviewed the following shareholder
nominations for the new Board of Directors of YukosSibneft :
Francois Buclez
Sarah Carey
David Davidovich
Ronald Freeman
Yuri Golubev
Alexei Kontorovich
Simon Kukes
Bernard Loze
Eugene Shvidler
Michel Soublin
Eugene Tenenbaum
The new Board will be proposed for election at the extraordinary
shareholders' meeting to be held on November 28, 2003. That meeting
will also consider the approval of revisions to the Articles of
Association of YukosSibneft which the Board of Directors approved
for recommendation to shareholders at its meeting.
For more information see www.yukos.com.
Posted by Richard Price,
Editor Pipeline Magazine
Information supplied by companies
or PR agencies who are responsible for content. Send press releases
to info@pipelinedubai.com |
