LUKOIL Annual General Stockholders' Meeting has taken place in
Volgograd today where the annual report for 2000, financial statements and major
guidelines for profit distribution were approved.
The stockholders approved the dividends, according to the
Company's results in 2000: 59.16 roubles per preferred share and 8 roubles per
The AGM defined major guidelines for profit distribution: 45% -
on investment, 1% - consumption fund, 21% - fund of other payments and expenses,
28% - dividends on shares, 5% - extraordinary expenses.
The stockholders elected the Board of Directors of the Company
Alekperov Vagit - President, OAO LUKOIL;
Berezhnoi Mikhail - General Director, Non-State Pension Fund
Greifer Valery - General Director, OAO RITEK;
Kukura Sergei - First vice-president, OAO LUKOIL;
Kutafin Oleg - President advisor, OAO LUKOIL;
Maganov Ravil - First vice-president, OAO LUKOIL;
Malyukov Sergei - General Director, OAO Oil fund for industrial
reconstruction and development;
Malin Vladimir - Chairman, Russian Fund of Federal
Medvedev Yury - First Deputy Minister of Property of Russian
Sherkunov Igor - General Director, OOO
Tsvetkov Nikolai - President, Investment Banking Group NIKOIL.
The stockholders meeting decided to appoint Vagit Alekperov the
President of OAO LUKOIL. ZAO KPMG was approved as the auditor of the Company.
ZAO KPMG has been auditing the Company since 1995.
The AGM also approved the maximum number of the declared common
shares - 94,000,000 shares to the amount of 2,350,000 roubles - of which
77,211,864 shares will be used for the swap of preferred shares into common
shares and the rest - to be sold on equity market in accordance with the
decision of the previous AGM.
Since the part of the additional common shares are supposed to
be placed on the equity market at maximum possible market price by open
subscription or in the form of derivative securities, the AGM, in accordance
with the Joint Stock Company Law, decided to relinquish the preemptive right of
the stockholders to acquire these shares.
The stockholders also adopted a number of amendments to the
Charter of the Company. In particular, the Charter was amended to include the
clause on swapping the preferred shares into common shares. The necessity of the
swap is due to the serious infringement of the interests of the common
shareholders, because, representing only 9% of the equity, preferred
shareholders account for more than a half of dividends. The swap ratio is 1:1.
The terms and conditions of the swap will be defined by the decision of the
Board of Directors. The Company will buy out the preferred shares from the
shareholders opposed to the swap, at the price of 302.86 roubles per preferred
share. This price was ascertained by the independent appraisal company ZAO
The meeting of the Board of Directors held shortly after the
AGM elected Valery Greifer the Chairman of the Board.
* * *
bn roubles, unless otherwise stated
|Net operating revenues
|Income before taxation
|Capital expenditures and investments
|Assets, at year end
|per common share, roubles
|per preferred share, roubles
|total amounts of dividends
|Oil production, mln tons
|Gas production, bn cubic m
|Refinery runs, mln tons
|Oil products output, mln tons
|Number of service stations, thousand
|Petrochemical products output, mln tons
|Number of wells, at year end, thousand
|Including producing wells, %
|Drilling, thousand km