Sibir Energy: Directorate Changes, Dividend payment and Scheme of Arrangement

Ноября 17, 2010

At its meeting on November 8, 2010, the Board of Directors of Sibir Energy plc was informed that Igor Tsibelman decided to resign from the position of the Chief Executive Officer of the Company due to his appointment to another position within OJSC “Gazprom neft.” Mr Tsibelman continues in his role as a Director of the Company.

The Board is pleased to announce that with effect from 9 November 2010 Mr Dmitry Ivanov has been appointed to its Board of Directors and also as Chief Executive Officer of the Company.
Mr Vadim Yakovlev, the Chairman of the Company, expressed his gratitude on behalf of the Board and thanked Mr Igor Tsibelman for the successful completion of all the goals set by the shareholders. He emphasised that under the leadership of Mr Igor Tsibelman “the Company has also streamlined its communication process with its shareholders and considerably improved its financial standing”.
Sibir is also pleased to announce that, following the Board’s consideration of the Financial Results of the Company for the nine months ended 30 September 2010, the Board has approved the payment of an interim dividend of $113,661,617, which is $0,29403 per ordinary share.
Sibir also announces that the Board has approved a Scheme of Arrangement pursuant to which the shares held by the Minority Shareholders of the Company shall be cancelled. The Scheme of Arrangement has been put in place as a result of the Company being approached by the Minority Shareholders, who had wanted to sell their shares under the offer of 29 May 2009, but had been unable to do so in the time frame available at that time. The Scheme of Arrangement is subject to Court and Minority Shareholder approval with meetings scheduled for the 26 November 2010.
Under the Scheme of Arrangement the Sibir ordinary shares of 10 pence nominal value each currently being held by the Minority Shareholders shall be cancelled in consideration for a cash payment by the Company to the Minority Shareholders of 500 pence for each share held by the Minority Shareholders. Currently the Minority Shareholders hold 0,34% in the share capital of the Company or 1 318 686 ordinary shares.
Mr Dmitry Ivanov was born in Leningrad in 1962. In 1985 he graduated from Admiral Makarov Higher School of Nautical Engineers of Leningrad. In 2008 he graduated from the Higher School of Economics of Moscow Logistics and Supply Chain Management with an MBA degree in Logistics and Supply Chain Management. Since 2004 he has held top executive positions in LLC “Gazexport”, JSC “SIBUR Holding”, JSC “Gazprom neft” and JSC “Moscow oil and gas company”.