Bashneft keeps its word

Moscow Exchange as reported that due to changes in the terms of Bashneft reorganization, trading with ordinary and preferred shares of the company in the mode of T+2 will be temporarily suspended since April 22, 2014. Only transactions in the negotiated deals mode & address orders with TO code (intraday transactions) will be available. Previously, the company pointed out the maturity of shares within the reorganization until July 1, 2014. The published news suggests that the maturity of the Bashneft’s shares will happen sooner than expected, and there is reason to expect that the final dividend for 2013 will be paid for fewer securities of the issuer.

As part of the Bashneft reorganization, ordinary shares, which correspond to 16.8 % of the company’s share capital, will be redeemed. Additionally preferred shares, repurchased from discordant and not-voted shareholders, will be redeemed. In total, over 4.02 million ordinary shares and over 13.11 million preferred shares t the total amount of 26.4 billion rubles, were presented for the redemption, while the maximum redemption amount is limited with 17.9 billion rubles. As a result, the coefficient of meeting redemption requirements was 0.68. The total quantity of preferred shares to be redeemed reached 8.89 million (3.9% of authorized capital before the reorganization). In this case, the authorized capital will decrease by 20.7%.