TBH Calls EGMs for Interim Dividend and Further Corporate Simplification
September 05, 2008 | by TNK-BP
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September 05, 2008, TNK-BP today announced it will call an Extraordinary General Meeting of Shareholders (EGM) of TNK-BP Holding (TBH) on September 30th for the purpose of declaring an interim dividend from first half 2008 net income. All shareholders will receive a dividend based on the distribution of 100% of first half income calculated according to Russian Accounting Standards. This distribution is in line with previous dividends and continues the established practice of declaring and paying dividends to all shareholders twice per year.
TNK-BP will also call a separate EGM of TBH on October 8th to approve the accession of four wholly owned subsidiaries into TBH, and the liquidation of the treasury stock in TBH owned by those companies – in total 5.2% of TBH charter capital. The accession is being proposed as part of the ongoing simplification of TNK-BP’s corporate structure. Completion of the accession will allow cancellation of the T-stock and consolidation of retained earnings into TBH. Once approved it is expected the accessions will be completed by February 2009.
Information for TBH shareholders will be disclosed within the time period stipulated by law.
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Source: TNK-BP, Press release