Bula to set a new date for e.g.m. on Russians

BULA Resources plans to call another extraordinary general meeting as soon possible following the cancellation for legal reasons of the meeting planned for today. Two of Bula's Russian directors obtained a High Court injunction on Monday preventing any resolutions to dismiss them being considered at the meeting planned for today. Bula cancelled the e.g.m. as a result.

The two Russian directors Mr Alexandre Marichev and his wife, Ms Tatyana Kirillova, succeeded in obtaining an injunction on the basis that they were not given enough notice of the meeting, according to Mr Pat Mahony, the finance director of Bula.

The board of Bula will meet as soon as possible to set a new date, he said.

Mr Marichev and Ms Kirillova have a 48.5 per cent interest in the Russian Corporation, a Moscow-based company. Bula paid the Russian Corporation over $9.5 million (£6 million) since 1994 in cash and shares for an option to acquire 51 per cent of a western Siberian oil company Aki-Oytr.

The deal collapsed earlier this year over what were described by Bula as legal problems with the Russian Corporation's title to some of the shares covered by the option agreement.

Bula is now dealing directly with the management of Aki-Oytr, which owns oil fields in western Siberia worth $180 million.

Last month, Bula said that it was calling an extraordinary general meeting to dismiss Mr Marichev and Ms Kirillova, who were appointed to the board in 1994 after the deal with the Russian Corporation was announced.

A separate extraordinary general meeting convened for May 22nd will proceed as scheduled, according to Mr Mahony. At that meeting, shareholders will be asked to approve a consolidation of Bula's shares.