The Meeting of Shareholders established the procedure and set out the conditions for the consolidation and approved the Consolidation Agreement.
In accordance with the Federal Law on Joint-Stock Companies, the Meeting of Shareholders decided to reduce Bashneft’s authorized share capital by cancelling 20.2% of Bashneft’s ordinary shares (16.8% of its authorized share capital) owned by CJSC Bashneft-Invest to be consolidated with the Company.
After this block of securities is cancelled, Bashneft’s authorized share capital will total 189,244,540 roubles (150,570,662 ordinary shares and 38,673,878 preferred shares with a par value of one rouble each). Due to the reduction in the authorized share capital the Meeting of Shareholders approved a new version of Bashneft’s Charter.