BASHNEFT: Under Siege

Bashneft minorities likely feel under siege while the fate of the stake held by controlling shareholder, AFK Sistema, remains at the mercy of the courts and political forces. Our assessment of the situation remains negative: any potential outcome that we can envisage poses more risks than rewards for shareholders. Nevertheless, the potential upside of certain scenarios may just be high enough for certain shareholders to continue holding the shares, or indeed to buy them hoping for a share-price turnaround and potentially lucrative future dividend stream.

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