Steven Michael Theede is ready to take on the task of solving all of Sibneft’s current problems.
Photo: Ilya Pitalev
|
 |
New Husband Proposed for YUKOS Daughter
// Another American
The People
Yesterday it was learned that Sibneft’s board of directors has included the issue of the reelection of Sibneft’s president on the agenda of its annual shareholders’ meeting at the request of YUKOS, owner of 92% of the company’s shares. Instead of Evgeny Shvidler, YUKOS is proposing the nomination of Steven Michael Theede, president of OOO YUKOS-Moscow, as head of Sibneft. However, he could become head of Sibneft even before the annual shareholders’ meeting if YUKOS replaces Sibneft’s board of directors on March 28 and introduces amendments to that company’s charter.
As one of the members of Sibneft’s board of directors told Kommersant yesterday, the board approved the agenda for the annual meeting of company shareholders at the beginning of the week. At YUKOS’ request, an item concerning the reelection of Sibneft’s president was put on it. Company shareholders have until May 1 to propose their candidates for this post and for the board of directors. No date has been set for the meeting, but based on the deadline for submitting proposals for candidates, it will be held before June 15.
According to Kommersant1’s informant, 18 candidates are presently in the running for 9 places on Sibneft’s board of directors. YUKOS has proposed nine of these, while a certain group of shareholders owning a total of more than 2% of Sibneft’s shares has proposed the rest. This group of shareholders is evidently acting in the interests of former Sibneft owners led by Governor of Chukotka Roman Abramovich: all the candidates it has proposed are active members of the board of directors. The candidates from YUKOS are the same as the ones proposed for election at the meeting of Sibneft shareholders scheduled for March 28. As Kommersant has already reported, YUKOS is planning to elect a Sibneft board of directors that is under its control and approve changes to the charter allowing the company’s president to be elected by a decision of the board of directors rather than at the shareholders’ meeting and even be replaced by a management company.
An informed Kommersant source closely connected with former Sibneft owners says that YUKOS has already proposed its candidate for president of Sibneft. He is Steven Theede, an American citizen who heads YUKOS-Moscow, a company controlled by YUKOS (Evgeny Shvidler is also an American citizen). A source at YUKOS explained that, “if for some reason the extraordinary meeting of Sibneft shareholders does not take place on March 28, Steven Theede will be head of the company at the annual meeting, which must be held.” We note that 57.5% of Sibneft’s shares are currently under arrest, but the conditions of the arrest allow YUKOS to vote with them.
According to Kommersant’s informant, the proposal to put the issue of electing the company’s president on the agenda of the annual meeting was introduced at the same time as YUKOS requested the extraordinary meeting. “This is a parallel process,” Kommersant’s source noted. The source at Sibneft in turn maintains that, “there won’t be any surprises, including a capture of control.” “Our relations with YUKOS today are based on a shareholders’ agreement that presumes the fastest possible divorce of the companies,” said Kommersant’s informant. At the same time, he added that, “all necessary corporate procedures will be observed in order to avoid possible suits by minority shareholders of both companies.”
Kommersant will be following the development of events.
DENIS SKOROBOGATKO
All the Article in Russian as of Mar. 19, 2004
|
|
|
