Sibneft was left without advice

The meeting of Sibneft shareholders scheduled for yesterday did not take place. Owners of only 9% of shares registered to participate in it - approximately the same package is accounted for by minority shareholders. The largest owners - YUKOS and Roman Abramovich's asset manager Millhouse Capital - simply did not show up for the meeting. But if YUKOS's behavior was quite predictable, the reluctance of Mr. Abramovich's structures to vote surprised market participants and gave rise to various rumors. Millhouse Capital did not comment on the situation yesterday. However, “a source familiar with the plans of the oil company’s shareholders” told Interfax that the reason for the breakdown of the meeting was their desire to receive dividends. Meanwhile, the agenda of yesterday's meeting contained an item stating that dividends based on the results of last year would not be accrued.

At 10.30 am it was announced that the deadline for registering Sibneft shareholders to participate in the meeting had been postponed by an hour, but there were no more people willing to take part in the vote. According to the report of the counting commission, in total, holders of 9.04% of securities registered. Another 34.5% of Sibneft shares belong to YUKOS - this asset, like all others owned by the disgraced holding, has been seized. It was previously reported that Millhouse Capital owns 57.5% of the oil company. Yesterday, Sibneft did not rule out that its share had decreased, and the number of shares in free circulation increased.

“This (cancellation of the meeting - Ed. ) may be due to a change in their (Sibneft shareholders - Ed. ) views on dividend policy," the source said. “They decided that maybe it would be better to pay dividends after all.” In May, the company's board of directors considered it possible not to pay dividends for last year, but to use the money for its development. Market participants associated this position with Mr. Abramovich's reluctance to share profits with Yukos.

The last time Sibneft shareholders paid dividends was for the nine months of 2003 - before the planned merger with YUKOS. Then the old owners withdrew all available funds from the company, so that shareholders received $1.236 billion. Now some analysts do not rule out that the decision to pay dividends may mean Mr. Abramovich’s readiness to sell his stake, for example, to Gazprom (investment bankers previously advised the concern acquire a Siberian company).

In addition, Sibneft shareholders had to amend the company's charter, returning the clause on the mandatory offer that the acquirer of a more than 30 percent stake must make to the remaining owners. The clause was removed from the charter before the merger with Yukos. To return it, you must receive 2/3 of the votes of the number of shareholders present at the meeting.

It is unknown when the new meeting will take place. According to the holding's charter, next time the quorum will require the participation of the owners of 30% of the shares, and not 50%, as now. By law, on June 1, the powers of the current board of directors expire, so it will not be able to make any decisions other than setting the date for the meeting. However, this is not the first time that Sibneft finds itself in such a situation. Last year Mr Abramovich only regained control of the company in October, leaving the 2003 annual meeting only in December.

Denis REBROV