Pjsc Tatneft Regulatory News (ATAD)

18 Aug 2006 11:39

O.A.O. Tatneft18 August 2006 OAO Tatneft notifies the New York Stock Exchange of its intention to delist itssecurities 18 August 2006 Today OAO Tatneft (NYSE: TNT; LSE: ATAD) (the "Company") notified the New YorkStock Exchange (the "NYSE") of its determination to withdraw the ordinary sharesof the Company (the "Ordinary Shares") and American Depositary Sharesrepresenting them (the "ADSs", and together with the Ordinary Shares, the "Company's securities") from listing on the NYSE. The Company expects to fileForm 25 with the U.S. Securities and Exchange Commission (the "SEC") to withdrawthe Company's securities from listing on the NYSE on or about September 4th,2006. The delisting from the NYSE was approved by the Board of Directors of theCompany on June 30th, 2006, and a copy of the relevant resolution of the Boardof Directors was furnished to the SEC on Form 6-K on June 30th, 2006. As announced by the Company in its press-release of June 26th, 2006, thedecision to delist from the NYSE and, when circumstances permit, to terminatethe registration with the SEC had been taken following a review of theappropriateness of maintaining multiple international listings. The Company isthe only major Russian issuer to have a listing in both London and New York.Given the increase in recent years in costs associated with the registration ofthe Company's securities with the SEC, a decision was made to concentrateinternational trading of the Company's equity securities in London. Following the delisting from the NYSE, the ADSs (redesignated as GlobalDepositary Receipts) will continue to trade on the London Stock Exchange and theOrdinary Shares will continue to trade on the major Russian stock exchanges(MICEX and RTS). The Company has not arranged for listing and/or registrationof the Company's securities on another U.S. securities exchange or for quotationof the Company's securities on any other quotation medium in the United States. For additional information, please contact: Media UK Greg Quine Jon Simmons Andrew Dowler Financial Dynamics, London +44 (20) 7831 3113 USA Brian Maddox Greg Jawski Financial Dynamics, New York +1 (212) 850 5600 Russia Michael Guerin Financial Dynamics, Moscow +7 (495) 795 0623 Investor Relations Vladlen VoskoboinikovVasily MozgovoiOAO Tatneft+7 (495) 980 5226 Important disclaimer: This document contains "forward-looking statements" as that term is defined inthe Private Securities Litigation Reform Act of 1995. Forward-lookingstatements are identified by the words "expects," "intends," "will," "seeks," "plans," "proposes," "anticipates" and similar expressions. Forward-lookingstatements are based on current plans, estimates and projections. A number offactors could cause actual results or outcomes to differ materially from thoseexpressed in or implied by the forward-looking statements, including the risk oflegal or regulatory action that may delay amendment of the Deposit Agreement,termination of registration of the Company's ordinary shares with the SEC orother proposed measures described in this press release, the risk that tradingin the Company's securities may not develop as currently expected, as well asthe risks described in the documents that the Company has filed with the SEC,including the Annual Report on Form 20-F for 2004 as filed with the SEC on thedate of this press release. Investors and security holders can obtain a freecopy of documents that the Company has filed with the SEC at www.sec.gov.Forward-looking statements speak only as of the date they are made, and theCompany does not undertake any duty to update or revise forward-lookingstatements. This information is provided by RNS The company news service from the London Stock Exchange