Bashneft might slash 2012 dividends 75%, promises interims in 2013
MOSCOW. April 30 (Interfax) - The board of directors of Bashneft at a scheduled meeting on Tuesday considered several issues related to the annual general shareholder meeting, including a potential 75% decrease in 2012 dividends and the possibility of interim dividends in 2013, the company said in a press release.
"In accordance with the dividend policy of JSOC Bashneft stipulating that dividend payments should total at least 10% of the company's net income under International Financial Reporting Standards (IFRS), the Board of Directors decided to recommend that the Annual General Meeting of Shareholders should approve the dividend payment for 2012 amounting to 24 rubles per ordinary registered share and per preferred registered share of JSOC Bashneft. If the Meeting of Shareholders gives its approval, dividend payments will be made no later than August 26, 2013," the press release said.
Bashneft shelled out 20.274 billion rubles, or 99 rubles per ordinary and preferred share, in dividends for 2011, which is almost 60% of its net profit.
"The underlying principle of Bashneft's dividend policy consists in reasonable distribution of income taking into account both the interests of shareholders and the Company's need for development," chairman of Bashneft's board of directors Felix Evtushenkov is quoted as saying in the press release.
"In October 2013, the Board of Directors will consider the payment of Bashneft's interim dividends for the nine months of 2013," Evtushenkov continued.
"The Board of Directors decided to convene the Annual General Meeting of Shareholders of JSOC Bashneft on June 27, 2013 in Ufa in the form of joint presence of shareholders, approved the meeting agenda and set the date for compiling a list of persons entitled to participate in the General Meeting of Shareholders at May 15, 2013," the press release said.
