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. Last Updated: 07/27/2016

Yukos Investors Win Reprieve




Minority shareholders have won a reprieve against Russia's second-biggest oil company, Yukos, when a court asked the Federal Securities Commission to delay approval of a stake-diluting share emission by a Yukos subsidiary.


The Samara region arbitration court asked the securities commission last week to suspend the registration of a 67.5 million-share emission by Samaraneftegaz until it hears the minority shareholders' side at a hearing scheduled for June 9.


The securities commission was to register the emission in early June, a Yukos source said.


The court appeal was made by Western investor Kenneth Dart's investment vehicle Arrowhead Enterprises, which along with three other Dart companies was locked out of the Samaraneftegaz shareholders' meeting in March where the decision was made to increase the shares by 180 percent.


Minority shareholders fear Yukos plans to sell the newly issued shares to offshore companies and, in the end, strip the subsidiary of prime assets.


"This ruling slams the door on Yukos' plan to quickly transfer assets offshore," Arrowhead spokes-man Michael Hunter said on Friday.


Samaraneftegaz is one of three Yukos-affiliated producers to approve share issues. Dart's firms have also vigorously objected to the emissions by those companies f Tomskneft and Yuganskneftegaz.