Scheduled Meeting of Bashneft Board of Directors Takes Place
OREANDA-NEWS. June 5, 2012. The Board of Directors of JSOC Bashneft held a scheduled meeting and considered the issues related to the Annual General Meeting of Shareholders which is to be held on June 29, 2012. The following persons were nominated to the Board of Directors:
Aleksey Nikolayevich Buyanov
Alexander Yurievich Goncharuk
Sergey Alekseyevich Drozdov
Felix Vladimirovich Evtushenkov
Alexander Leonidovich Korsik
Yury Leonidovich Pustovgarov
Vitaliy Grigoryevich Artyukhov
Dr. Randall G. Gossen
Mikhail Safarbekovich Gutseriev
The Board of Directors approved the form and the text of ballots for the Annual General Meeting of Shareholders and provisionally approved JSOC Bashneft’s Annual Report for 2011.
On April 27, 2012, the meeting of shareholders of Bashneft approved the reorganization of the Company through legal merger of its five subsidiaries with Bashneft. On March 11, 2012, the Board of Directors decided to increase the authorized capital of JSOC Bashneft by placing additional ordinary and preferred shares. In this connection, yesterday the Board approved the decision to issue 60,340,000 ordinary shares and 7,090,000 preferred shares of JSOC Bashneft to be exchanged for ordinary and preferred shares of the subsidiaries to be merged with Bashneft (OJSC Bashkirnefteprodukt, OJSC Ufaneftekhim, OJSC Orenburgnefteprodukt, OJSC Ufimsky refinery plant, OJSC Novoil). The Board also approved the Prospectus.
Taking into account the decisions of the Board of Directors made on April 28, 2012 which resulted in changes in the top management of JSOC Bashneft, the Board of Directors removed a member of the Management Board Alexander Vladimirovich Dashevsky from office.
The Board of Directors got acquainted with the information provided by the management on consolidated financial results and budget implementation of JSOC Bashneft for 1Q 2012 and on the forecast for the first half of the year.
The Board also discussed other issues concerning current activities of the Company and approved a number of transactions, including related-party transactions.