YUKOS to keep from Sibneft’s shareholders’ meeting

Tuesday, August 16, 2022

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MOSCOW - Representatives of YUKOS will not participate in the extraordinary shareholders’ meeting of Sibneft on December 30, 2003, as the company believes that Sibneft has not fulfilled some liabilities regarding this meeting, Reuters reported citing a source in YUKOS. According to the source, YUKOS shareholders “are most likely to demand calling another extraordinary shareholders’ meeting of Sibneft”. “We want to completely follow the letter and spirit of the law and corporate ethics. As there is still no agreement about breaking the YUKOS-Sibneft merger deal, we believe that we should follow previous merger agreements until an agreement on annulling it is reached,” the source pointed out, according to Reuters. However, YUKOS refused to comment on this information to RBC. It is worth mentioning that the agreement on merging YUKOS and Sibneft was reached in April 2003. YUKOS was to get 92 percent in Sibneft in exchange for $3 billion and 26 percent of the shares of the new YukosSibneft company. Extraordinary shareholders’ meetings of Sibneft on December 16 and 30, 2003, were to finally complete the merger. The former meeting was to amend Sibneft’s charter of association, and the latter was to elect its board of directors that was to include mainly YUKOS representatives. After Sibneft had stated in November that it wanted to stop the merger deal, YUKOS announced that it was ready to start negotiations; however, the company believed the agenda of both shareholders’ meetings was to be followed. After this it is necessary to make another deal on annulling the merger. Documents prepared for Sibneft’s meeting on December 30 say that YUKOS did not introduce new candidates to the company’s board of directors; this is why shareholders were suggested to vote for its incumbent members. However, a source in YUKOS reported that his company submitted candidates to Sibneft’s new board of directors on time. According to the source, both elections to Sibneft’s board of directors and amendments to its charter of associations that were to be made on December 16 could be added to the agenda of Sibneft’s new shareholders’ meeting.

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