22. Share Capital and Treasury Shares

In mln of Russian Roubles, except for number of shares   2011     2010  
  Number of shares, in thousands Nominal amount Inflation adjusted amount Number of shares, in thousands Nominal amount Inflation adjusted amount
Ordinary shares 21,586,948 64,761 83,337 21,586,948 64,761 83,337
Preference shares 1,000,000 3,000 4,405 1,000,000 3,000 4,405
Total share capital 22,586,948 67,761 87,742 22,586,948 67,761 87,742

As at 31 December 2011 all ordinary shares have a nominal value of RR 3 per share and rank equally. Each ordinary share carries one vote. All issued ordinary shares are fully paid. Preference shares have a nominal value of RR 3 per share and carry no voting rights but rank ahead of the ordinary shares in the event of the Bank’s liquidation. Preference shares are not redeemable. Dividend payments are at the discretion of the Bank. When a dividend is paid, the preference shares attract a minimum payment of annual dividends of 15% of their nominal value, subject to confirmation of the shareholders meeting. If preference dividends are not declared, the preference shareholders obtain the right to vote as ordinary shareholders, but lose this right when the next dividend is paid. Preference share dividends are set at 38.3% of nominal value in 2011 for the year ended 31 December 2010 (2010: 15.0% of nominal value for the year ended 31 December 2009). Preference share dividends rank above ordinary dividends.

On 26 June 2009 by the Annual Shareholders’ Meeting a decision was passed to increase the Bank’s authorised capital through a placement of ordinary shares by open subscription within the limit of authorised shares (15 billion shares). As at 31 December 2011 the issue has not yet been performed. The treasury shares as at 31 December 2011 and 31 December 2010 were as follows:

In mln of Russian Roubles, except for number of shares   2011     2010  
  Number of shares, in thousands Inflation adjusted amount Fair value Number of shares, in thousands Inflation adjusted amount Fair value
Ordinary shares 32,199 124 4,313 5 - -
Preference shares 44,783 197 2,649 - - -
Total treasury shares 76,982 321 6,962 5 - -

    History

My Annual Report

Your page has been added successfully