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News // Crime

Tyumen Oil Company demonstrates commitment to high standards of corporate governance

08 November 2001 , 07:15496
As previously announced only shareholders of TNK upstream subsidiaries whose property rights were registered with the registrar as of 6 September 2001 could participate in the exchange of the subsidiaries' shares for TNK shares.

In order to meet the needs and expectations of a greater number of shareholders of its upstream subsidiaries, TNK has decided to expand the number of participants of the single share swap and invites all shareholders of the subsidiaries registered with the registrar through 15 November, 2001 to participate in the transaction.

By doing this TNK aims to provide equal economic terms to all investors and demonstrates its commitment to the highest standards of corporate governance.

However, 1 December 2001 remains as the deadline for submitting the shareholders' swap agreements to the registrar. Therefore, TNK encourages those who are willing to participate in the transaction to make the necessary arrangements.
At a press conference on 18 October 2001 it was announced that the majority shareholders of Tyumen Oil Company had decided to make an offer to exchange the ordinary and preferred shares in Samotlorneftegas, Nizhnevartovsk Oil and Gas Production Company and Tyumenneftegas for TNK shares.

The aim of the offer was to provide minority shareholders with essentially the same economic terms as were set out in the original consolidation plan approved on 22 April 2001 by EGMs of the three subsidiaries.

This exchange offer came in addition to the opportunity for shareholders who would hold fractional shares in the subsidiaries following the reverse share splits to have, according to the law, the fractional shares bought back for cash.

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