Value Microcaps Motherboard

[tmcal6]

CHAR/NLG

The following is from the Reuters article of 9/30/05:

LUKOIL said it already had agreement from 65 percent of Nelson shareholders that they would sell their stakes. It would extend the offer to minority shareholders at the same price.

"This price represents a premium of 27.5 percent to the six-month average trading price of Nelson," said LUKOIL.

But some analysts were surprised at the level of the offer.

"It is 37 percent below our fair value, and the reasons for this discount are not clear," said Dmitry Lukashov of Aton brokerage, noting Nelson's young fields offered great potential.

"We will recommend to those of our clients who are shareholders in Nelson, to vote against



This was how they justified the takeunder price.