NOVATEK’s Board оf Directors approve agenda for the Annual General Meeting of Shareholders
NOVATEK says its Board of Directors has approved the following agenda for the Company’s Annual General Meeting of Shareholders (“AGM”) convened for 22 April 2016:
To approve the Company’s Russian statutory accounts and annual report for the year ended 31 December 2015, and the allocation of profit and loss, including approval of the final dividend, payable to shareholders based on 2015 results;
Election of members of the Board of Directors of OAO NOVATEK;
Election of members of the Revision Commission of OAO NOVATEK;
To appoint the Company’s auditor for 2016;
To approve the remuneration to members of OAO NOVATEK’s Board of Directors;
To approve the remuneration to members of OAO NOVATEK’s Revision Commission;
To approve related party transactions.
Item 7 of the agenda includes approval of a number of transactions and agreements related to external financing of the Yamal LNG project. These transactions and agreements together represent a major transaction and a related party transaction. As stipulated by Article 75 of the Federal Law on Joint Stock Companies, NOVATEK shareholders who voted against approval of the transactions and agreements or did not take part in the voting on this agenda item, have the right to request full or partial buyback by the Company of their holdings of NOVATEK shares.
The Board of Directors defined the buyback price in accordance with recommendations of an independent appraiser at RR 571.34 per share, which represents a weighted average share price on the Moscow exchange for 180-day period preceding the appraisal date. According to Russian legislation, shareholders will have the right to request a buyback within 45 days from the transaction approval by the AGM.
Shareholders at the close of business on the 21 March 2016 will be entitled to participate in the Company’s AGM. The list of shareholders who have the right to request a buyback is also compiled based on the shareholders list at the close of business on the 21 March 2016.
OAO NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s gas production and approximately 16% of the world’s gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol «NVTK».
