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All “Transneft” profit under RAS (Russian accounting standards) goes on dividends

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All “Transneft” profit under RAS (Russian accounting standards) goes on dividends

All “Transneft” profit under RAS (Russian accounting standards) goes on dividends
July 08
16:00 2016

At the annual general meeting the shareholders of the company “Transneft” decided to pay out 12.8 billion rubles as dividends. This amount is equal to the entire company’s profit under RAS for the last year. This information was given by TASS, citing a press release of “Transneft”.

Much of this money – 11.52 billion rubles – will be paid out as dividends to the holders of ordinary shares, i.e.  to the state. Another 1.28 billion rubles will get the holders of preference shares, a substantial portion of which the UCP investment fund under the direction of Ilya Shcherbovich, has bought in recent years.

Previously, the decision to pay 100% profit under RAS as dividends was recorded in the government directive to the state representatives who took part in the meeting of shareholders.

By January this year UCP has bought in the market  6.8% of the “Transneft” share capital, or about a third of the “Transneft” preference shares, reported Forbes in May. Then the investment fund of Shcherbovich conducted the trail with the “Transneft” on the amount of dividends that were appointed to the holders of preference shares. In 2013 the company paid almost twice fewer dividends per preference share than per ordinary one. The UCP Company believes that this difference seems to be unfair.  Previously “Transneft” credited the same amount of dividends on both types of shares. Because of this the investment fund demanded “Transneft” to pay 97.2 million rubles as lost profits and interest rates.
The company “Transneft” has also decided to pay fewer dividends on preference shares than on ordinary ones for the last year. Each ordinary share has been credited with the sum of 2077 rubles, each preference one – only 823.3 rubles per share.

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