“RUSSNEFT” MANAGEMENT PROPOSES TO RECOMMEND THE 2017 DIVIDENDS IN AMOUNT OF $40 MILLION

14.05.2018 PRIME

Management of PJSC “RussNeft” proposes the Board of Directors to pay dividends on the preferred shares based on the Company’s performance in 2017 in amount of $40 million, according to the Company.

“Management of PJSC “RussNeft” prepared a proposal for the Board of Directors of the Company to pay dividends based on the Company’s performance in 2017. Management believes that the operational-financial indicators of “RussNeft” in the reporting year allow to allocate $40 million for payment of the dividends on the preferred shares.” - the statement says.

Decision on the payment and size of the dividends will be made at the annual shareholders’ meeting under the recommendation of the Board of Directors of the Company.

“RussNeft” reported in March that it could allocate RUB 2.304 billion for the dividends on the preferred shares based on the performance in 2017 (21% of the net profit under RAS). The Company had paid RUB 2.426 billion on the preferred shares for 2016 ($40 million – $0.40803 per share) which was 18% of the net profit under RAS. No dividends were paid on the ordinary shares.

“RUSSNEFT” MANAGEMENT PROPOSES TO RECOMMEND THE 2017 DIVIDENDS IN AMOUNT OF $40 MILLION

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