“Gazprom” has approved the dividend more than expected

“Gazprom” has approved the dividend more than expected


Moscow. May 19. The Board of Directors “Gazprom” at session on Thursday has approved the recommendation of the annual meeting to pay at the end of 2015 dividend of $ 7.89 per share is slightly more than proposed rule 7.4 ruble.

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Thus, the total dividend will amount to 186,784 mlrd rubles (the share of the state will have 93,429 billion rubles).

As reported by the company, the Board of Directors suggested the shareholders meeting the record date for determination of persons entitled to receive dividends, – July 20, 2016. Recommended completion date for the payment of dividends to nominal shareholders and professional market participants of securities by the Trustee, registered in the register of shareholders – August 3, 2016, others registered in the register of shareholders persons – 24 August 2016.

For 2013 and 2014 the company was paying for 7.2 per share.

“The members of the Board of Directors noted that this recommendation ensures consistently high, growing level of dividends “Gazprom”, as well as the optimal balance between dividends and investment”, – given in the message words of the Chairman of the Board “Gazprom” Alexey Miller.

A month ago the Board recommended to pay dividends at 7.4 per share) at the rate of 50% of adjusted net profit according to Russian standards. The government wanted to receive from the company 50% of net profit under IFRS, and it would have been 16.62 ruble. The intrigue remained until the last moment: in the papers have already appeared simultaneous leak on a multiple of the decision to increase the dividend, then take the original minimum bid management. However, the controversy continued until the last moment.

Chairman of the Board of Directors of “Gazprom” and the representative of the state Council Viktor Zubkov immediately made it clear he did not believe in higher dividends. Once on April 19 announcement of the decision of the government to seek big payouts from state-owned companies shares jumped in value, he hastened to sell its entire package (apparently, not believing in the myth of the generous “Gazprom”).

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Deputy Chairman of “Gazprom” Valery Golubev said last week that the financial situation in Gazprom is not the best: “I Assure you that our investment program is experiencing problems in today’s economic climate”.

The money situation in “Gazprom” best illustrates the status of implementation of the flagship project of “Gazprom” – gas pipeline to China “Power of Siberia”. Pipe is not built as fast as it was announced recently. Two years of project implementation costs are much more modest than originally planned. Meanwhile, sources in the industry say more and more confident that delivery of the highway will not begin in 2019, and in 2021. However, this shift was provided for in the contract.

At the meeting it was decided to hold the annual meeting from 10:00 Moscow time on 30 June 2016 in Moscow at the Central office of the company. The Board of Directors approved and submitted to the shareholders meeting the draft amendments to the Charter of PJSC “Gazprom”, as well as the draft provisions on the General meeting of shareholders, the Board of Directors, the Board, the Chairman of the Board of PJSC “Gazprom” in new versions. Documents are prepared mainly in connection with changes to the Federal law “On joint stock companies” and approved at the June 2015 meeting of the shareholders of the company the new version of the Charter.

Earlier on Thursday a source said that dividends “Gazprom” in 2015 may be slightly higher 7.4 per share).

Shares of “Gazprom” has lost all its early gain and turned negative after the announcement of dividend payment for the year 2015 that disappointed investors.

12:18 Moscow time on the Moscow stock exchange the shares of “Gazprom” fell to 151,92 ruble (-0,1%).

This morning the price of papers “Gazprom” has risen to 155,55 ruble (+2.3 percent on rumors that the dividends “Gazprom” in 2015 may be slightly higher than previously announced forecasts of $ 7.4 per share).