Investors not satisfied with Transnet’s dividends

They point to the unequal payment on the oridinary and privileged shares; the Investor Protection Association asked D. Medvedev’s support

The Investor Protection Association (IPA) has addressed the Prime Minister, D. Medvedev, to take into account the interests of Transneft’s investors. The respective letter was published in the “Vedomosti” newspaper. The reason to address was the recently approved dividend amount for 2013 by the monopoly’s Board: the holders of general shares can be paid 1,221 rouble/share, privileged – 724.21 roubles.

For the first time the amount of payment by the general shares (78.1% belong to the Government) is higher than by the privileged shares (in free circulation). Transneft can spend 7.9 bln roubles for dividends or 70.16% of the net profit under RAS, or 5% under IAS.