The FINANCIAL — TNK-BP announced that its Russian holding company, TNK-BP Holding (TBH), held a meeting of TBH Board of Directors.
According to TNK-BP, the Board discussed issues related to the annual general shareholders meeting of TBH scheduled for June 30, 2010.
The Board set the agenda for the annual general shareholders meeting of TNK-BP Holding and formulated recommendations on the agenda items, including recommendations on the candidates for election to TBH Board of Directors and Audit Commission, on related-party transactions and on allocation of profit, including dividends amount.
The Board recommended that the shareholders meeting approve allocation of TBH dividends for 2009 at RUR 2.18 per one ordinary and preferred share. The recommended dividend is in addition to the interim dividend of RUR 7.41 per share approved by the extraordinary meeting of shareholders in December 2009.
TBH dividends are paid to both minority and principal (majority) shareholders. The majority shareholder of TBH is Novy Investments Ltd, a wholly owned member of the TNK-BP Group of companies. The above dividends when received by Novy Investments Ltd are planned to be immediately returned to Russia to fund TNK-BP Group’s investments in upstream and downstream.
Provided the decision on the dividends payment is approved by the annual general meeting of shareholders, the dividends will be distributed as cash payments to all shareholders according to the number of shares held within six months after the date of the general meeting.