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Extraordinary General Meeting of Shareholders of Bashneft cancelled due to absence of quorum

The Extraordinary General Meeting of Shareholders of Bashneft to be held yesterday by absentee vote has been cancelled due to the absence of a quorum of shareholders who in accordance with the «Law on Joint-Stock Companies» are not considered to be interested parties with regards to the approval of a transaction, namely an underwriting agreement between JSOC Bashneft and banks Morgan Stanley, Barclays, Sberbank CIB and/or their affiliated persons.

Extraordinary General Meeting of Shareholders of Bashneft cancelled due to absence of quorum Extraordinary General Meeting of Shareholders of Bashneft cancelled due to absence of quorum

The Extraordinary General Meeting of Shareholders of Bashneft to be held yesterday by absentee vote has been cancelled due to the absence of a quorum of shareholders who in accordance with the «Law on  Joint-Stock  Companies» are not considered to be interested parties with regards to the approval of a transaction, namely an underwriting agreement between JSOC Bashneft and banks Morgan Stanley, Barclays, Sberbank CIB and/or their affiliated persons.

 

The Meeting of Shareholders was to consider the approval of the said transaction as part of corporate measures related to technical preparation of the Company for a potential secondary offering of its securities. As has been reported earlier, on July 31, 2014, Bashneft’s Board of Directors recommended postponing implementation of this project due to unfavourable market conditions.

Source : Neftegaz.RU