OREANDA-NEWS. May 26, 2011. The Board of Directors of OJSC TNK-BP Holding (TBH), Russian holding company of the TNK-BP Group, reviewed the issues associated with the annual General Shareholders Meeting to take place on June 30, 2011, reported the press-centre of TNK-BP.

The Board of Directors approved the Shareholders Meeting agenda, drafted a list of candidates to be voted for election to the Board of Directors and the Audit Commission, and issued recommendations for endorsing non-arms-length transactions.

The Board of Directors recommended the annual General Shareholders Meeting to approve payment of OJSC TNK-BP Holding dividends based on the results of 2010 in an amount of 3.85 rubles per each common and preferred share. The total of accrued dividends subject to endorsement by the Shareholders Meeting on June 30, 2011 will be 59.47 bln rubles.

The recommended dividends are additional to the interim dividends of OJSC TNK-BP Holding for 2010 in an amount of 8.04 rubles per common and preferred share (totaling 124.2 bln rubles) that were endorsed for payment by the extraordinary TBH Shareholders Meeting in November 2010.

In case the respective resolution is adopted by the annual General Shareholders Meeting, the TBH dividends will be paid in cash to all company shareholders simultaneously in proportion to their shareholdings within 60 days of the payment decision.

The principal shareholder of OJSC TNK-BP Holding is Novy Investments Ltd., a member of the TNK-BP Group. The distribution of dividends in favour of Novy Investments Ltd. is of technical nature and does not lead to immediate receipt of dividends by the shareholders of the parent company, TNK-BP Ltd. (BP and AAR). The dividends paid to Novy Investments Ltd. will be mainly used to fund TNK-BP capital investments in Russia and for mutual settlements between the companies of the TNK-BP Group.