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Pin to quick picksPjsc Tatneft Regulatory News (ATAD)

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Board Recommends Dividends

14 Nov 2019 09:05

RNS Number : 4132T
PJSC Tatneft
14 November 2019
 

14 November 2019

 

Tatneft Board of Directors resolved to convene an extraordinary shareholders meeting and recommended to pay the dividends for the 9 months of 2019

 

On 13 November 2019 the Board of Directors of Tatneft (by proxy voting) resolved on its own initiative to convene an extraordinary shareholders meeting and recommended to the shareholders to approve the dividends based on the results for the 9 months of 2019 in the amount of 64.47 Rubles per each preferred and ordinary share (6447% of nominal value of each share), which represents in aggregate approximately 100% of net income of PJSC Tatneft under Russian Accounting Standards (RAS) in the said period (150 billion Rubles). Upon the approval by the extraordinary shareholders meeting, taking into account the dividends paid for the 6 months of 2019 in the amount of 40.11 Rubles per each share, the additional payment based on the results for the 9 months will be 24.36 Rubles per share.

 

Upon determining the amount of dividends for the 9 months of 2019 the Board of Directors relied on the Company's dividend policy, taking into account the operating results in the respective period, free cash flow projections and available sources of financing for the operating and investing activities of Tatneft Group. The Board of Directors proposed to the extraordinary shareholders meeting to approve 30 December 2019 as the date on which persons entitled to receive the dividends based on the 9 months 2019 results shall be identified.

 

In connection with the Board of Directors decision the General Director of PJSC Tatneft Nail Maganov said: "The management's key task is to procure high total shareholder return which is achieved through maximizing the effectiveness of existing assets, value accretive investment projects and the return in the form of dividends of cash accumulated following the fulfilment of all obligations, including social, and the financing of capital expenditures. To fulfil this task we implement a set of measures including in the areas of working capital management, production and business support processes optimization, introduction of new IT solutions, increasing the return on each invested Ruble and decreasing costs. On the back of favourable credit market conditions and our low gearing ratio, the Company expands the use of debt instruments to finance its projects. All this supports the increase in cash flow towards the dividend payments. Therefore, based on our current expectations, the total dividends which the management would be able to propose to the Board of Directors for recommending to the shareholders for approval in June of next year would be not lower than the level for 2018, and this amount of distributions would remain as a benchmark for us for the purposes of determining the dividends in 2020."

 

The extraordinary shareholders meeting will be held on 19 December 2019 by proxy voting. The list of persons entitled to participate in the extraordinary shareholders meeting will be set as of 24 November 2019.

 

This press-release contains inside information.

 

Forward-looking statements and waiver of liability: This press release contains statements about future events and expectations that are forward-looking in nature. Any statement in this press release that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. PJSC Tatneft assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. The amounts and percentages mentioned or referred to in this press release could be presented after rounding and, therefore, they might differ from the actual sums and results contained in the Company's reporting documents. PJSC Tatneft shall bear no responsibility to correct or reimburse any sums which might constitute the difference between the amounts mentioned in this press release and those in respective reporting documents, and all payments are made by PJSC Tatneft exclusively on the basis of decisions made by its authorised corporate bodies in the amounts and within the corporate proceedings set out in such decisions.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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MSCGGGGUGUPBUBC
Date   Source Headline
29th Dec 202311:41 amRNSEGM Approves Dividends for 9m 2023
21st Nov 20233:18 pmRNSTatneft EGM to approve 9m 2023 dividend
29th Sep 20239:42 amRNSTatneft EGM approves 6m 2023 dividend
15th Aug 20233:21 pmRNSBoard of Directors 1H 2023 div and EGM decisions
30th Jun 20232:44 pmRNSPJSC Tatneft AGM Results
19th Jun 20238:33 amRNSNotice of AGM
27th Apr 202312:20 pmRNSAGM Notice and Dividend Recommendation
30th Mar 20232:15 pmRNSAcquisition of business from Nokian Tyres plc
20th Mar 20237:00 amRNSTatneft's Annual IFRS and Directors' Report
28th Dec 20227:00 amRNSResult of EGM
16th Nov 20227:24 amRNSBoard Recommends Dividends for 9m2022
28th Oct 20224:16 pmRNSTatneft to acquire Russian assets of Nokian Tyres
23rd Sep 202210:09 amRNSTatneft EGM Approves Dividends for 1H2022
30th Aug 20227:00 amRNSTatneft publishes IFRS results for 1H2022
16th Aug 20229:52 amRNSBoard convenes EGM and recommends dividends 1H2022
9th Aug 202211:42 amRNSNew Legal Regime for ADR Holders
24th Jun 20224:35 pmRNSResult of AGM
15th Jun 20223:29 pmRNSPayments to Governments Report 2021
31st May 20229:45 amRNSStatement regarding 1Q 2022 IFRS accounts
23rd May 20222:40 pmRNSBoard Recommends Dividends
17th May 202210:32 amRNSTatneft Obtained Permit to Continue ADR Program
16th May 20228:46 amRNSTatneft Sells Tire Business
29th Apr 20222:04 pmRNSBoard Reapproves Nominations to the Board
27th Apr 202212:28 pmRNSNotice to ADR Holders
25th Apr 20225:24 pmRNSBoard Approves AGM Agenda, Related Issues
19th Apr 202211:10 amRNSLaw Affecting ADR Program - Correction
19th Apr 20229:22 amRNSLaw Affecting ADR Program
1st Apr 20223:10 pmRNSDraft Law; Rating Withdrawal
15th Mar 20228:31 amRNSAnnual Financial Report
14th Mar 202210:06 amRNSStatement regarding Ratings
10th Mar 20223:18 pmRNSBoard Approves Nominations
2nd Mar 20224:41 pmRNSSecond Price Monitoring Extn
2nd Mar 20224:36 pmRNSPrice Monitoring Extension
1st Mar 20224:43 pmRNSSecond Price Monitoring Extn
1st Mar 20224:37 pmRNSPrice Monitoring Extension
28th Feb 20224:41 pmRNSSecond Price Monitoring Extn
28th Feb 20224:37 pmRNSPrice Monitoring Extension
30th Dec 20211:34 pmRNSResult of EGM - Dividends
20th Dec 20219:26 amRNSNew Committee of the Board
30th Nov 202112:35 pmRNSPresentation to Investors
29th Nov 20217:32 amRNS3rd Quarter Results
23rd Nov 20218:03 amRNSBoard Recommends 3Q Dividends
1st Oct 202110:05 amRNSDividend Declaration
27th Aug 20217:25 amRNSHalf-year Report
26th Aug 202110:19 amRNSBoard convenes EGM, recommends dividends
1st Jul 20217:00 amRNSFirst Board Meeting and Board Committees Election
30th Jun 20215:15 pmRNSPayments to Governments Report
25th Jun 20215:10 pmRNSResult of AGM
9th Jun 20212:37 pmRNSAcquisition of EkoPet
4th Jun 20217:30 amRNS1st Quarter Results

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