Tatneft offers its top managers to buy shares

The Tatneft oil company offered its top managers options for buying 9.3 million common shares in the company with a par value of RUR1 (about $0.03). As a comment to the Tatneft's financial statement for the first half of 2002 under GAAP points out, this offer was made in August 2002. All options are to be sold in 270 days after they were put; they expire in 365 days after the offer date. The market price of Tatneft's share was RUR20.1 (about $0.63) as of the date of the offer.

Tatneft's majority shareholders are the Ministry of Land and Property Relations of Tatarstan (31.31 percent) and the Tatar-American Investments and Finance company (5.21 percent). The company's share capital amounts to about RUR2.326bn (about $73.17m) and is divided into common and preferred shares with a par value of RUR1 (about $0.03).

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