Timan Oil stakeholder moves to oust directors

MOSCOW, July 10 (Reuters) - A major new stakeholder of mid-sized Russian oil firm Timan Oil (TMAN.L) is pushing to remove five of its directors and put himself in their place, the company said, as the AIM-listed firm faces the prospect of being seized for its debts.

Timan said in a statement on Friday that Vitaly Belik, whose Redbell investment unit bought a 13.88 percent stake in the company from Credit Suisse, has called an extraordinary shareholders' meeting to propose the removal of five directors.

Shareholders' will also be asked to vote on the nomination of Belik to the company's board.

Redbell and another stakeholder, Earvil Consultants Limited, both intend to vote in favour of the proposal, Timan's statement said.

Timan said last month that its core owner, Alexander Kapalin, had received a notice of debt default. As a result, ownership of around 48 percent of its shares could pass to Redbell, it said.

Kapalin told Reuters at the time that Belik represented National Reserve Bank, which is owned by banking and industry magnate Alexander Lebedev, majority owner of London's Evening Standard newspaper (DMGOa.L).

If debt forces a transfer of ownership at Timan, it would follow a growing trend among small Russian oil firms which has seen Urals Energy (UEN.L) cede its main production assets to state-controlled lender Sberbank (SBER03.MM).

Investors are also closely watching the case of Sibir Energy (SBE.L), whose core shareholders have pledged their stakes with Sberbank, and which is suing one of the shareholders to reclaim $400 million advanced in a failed real estate deal.

Timan will give notice of the EGM by July 31, its statement said. (Reporting by Simon Shuster)