TNK-BP Holding's board to decide on holding extraordinary shareholder meeting on Aug 16
MOSCOW. Aug 10 (Interfax) - OJSC TNK BP Holding's board of directors, at a meeting on August 16, will vote on calling an extraordinary shareholder meeting and determine the date for closing the shareholder register for taking part in the meeting, the company said in a statement.
Shareholders in the holding, at an extraordinary meeting in autumn of last year, approved the payment of dividends for the first nine months of 2010 at 8.04 rubles per common and preferred share. The total dividend payout came to 124.2 billion rubles, 82% of net profit. The company paid dividends at 7.41 rubles on both share types. The total dividend payout came to 114.4 billion rubles, or 64% of net profit according to Russian accounting standards.
TNK-BP annually pays high dividends. The company earmarked 183.7 billion rubles for its dividends, which was almost 100% of its profit.
The company's charter capital comes to 15,446,968,366 rubles dividends into 14,996,968,366 common shares and 450 million preferred shares each a face value of one ruble.
TNK-BP Holding is the owner of the bulk of TNK-BP's assets in Russia but does include TNK-BP's property in Ukraine and its joint venture with Gazprom Neft , Slavneft, as well as several other assets.
The main shareholder in OJSC TNK-BP Holding is Novy Investment Ltd, which is part of TNK-BP Group. Minority shareholders own around 5% in TNK-BP Holding.
TNK-BP said that the distribution of dividends in favor of Novy Investments Ltd. has a technical character and will not lead to the automatic payout of dividends to the shareholders in the parent company, TNK-BP Ltd. (BP and AAR).
Dividends payable to Novy Investments will likely be used for financing TNK-BP's capital investments in Russia and mutual transactions between companies in the TNK-BP Group.