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.
