Moscow, July 11, 2003; Sibneft will hold an extraordinary shareholder meeting on August 18, 2003, in accordance with a decision taken by the company's board of directors on July 4, 2003. Parties who were shareholders of record as of the close of business on July 4 are eligible to participate.
Shareholders will be asked to approve amendments to the Sibneft corporate charter. The changes include an exemption to clause 2 of article 80 of the Federal Law "On Joint-Stock Companies", which requires anyone acquiring more than 30% of a company to buy out minority shareholders.
The charter is being amended to facilitate Sibneft’s planned merger with YUKOS. YUKOS has previously announced that YukosSibneft will make a fair offer to the minority shareholders of Sibneft after receiving a fairness opinion from an internationally recognized investment bank. Sibneft remains committed to ensuring that its minority shareholders receive a fair offer for their shares.