31 May 2004 11:53
Higher court upholds annulment of Yukos shares issue (Part 2)
MOSCOW. May 31 (Interfax) - The Moscow Arbitration Court on Monday upheld a March 1 decision by a lower court to
annul a shares issue by Russia's Yukos oil company, an Interfax correspondent reported from the courtroom.
The annulment had been requested by the Nimegan Trading Ltd. and Gemini Holdings Ltd. offshore companies, which said
the issue violated their rights and was illegal for other reasons.
According to the two companies' suit application, Yukos issued additional ordinary shares between May and
October 2003.
The Federal Securities Commission registered the issue on July 22, 2003.
The issue comprised one billion shares with a par value of 0.004 rubles each.
Sales of the shares began on August 14 and finished on October 3, with 463.52 million shares or 46.35% of the total
being sold and 4,304 of them being paid for with ruble cash.
offenses against the law in the course of setting the price for the
placement of the additional shares, in the course of a general
The shares were to be swapped for shares in the Sibneft oil company as part of its merger with Yukos under a deal
that was severed afterward.
According to the claimants, the issue involved violations of their rights and was illegally registered by the Federal
Securities Commission.
In their application, they said Yukos "failed to submit to the [commission] the consent of the anti-monopoly
agency to the acquisition of shares and [failed to present] consolidated accounts, committed
shareholders' meeting that decided to place the shares, and in the course of having decisions made by its board
of directors."
However, the two offshore companies appealed Monday's decision, asking for more precise statements in the
judgement. [RU EUROPE EEU EMRG LAW OIL CRU PROD ELG ENR MRG] as tj
[Interfax] |
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