Bogdan Motors AGM approves of charter fund increase

Bogdan Motors (UX: LUAZ UK) shareholders, at an AGM on April 29, approved of increasing the company’s charter fund by 33% via issuing an additional 1.4 bln shares at UAH 0.28 per share (face value – UAH 0.25 per share, market value – UAH 0.28 per share). Subscription will run from June 20, 2011 and ends July 29, 2011 (see our flash note dated April 28 for details). Vitaly Gorovoy: We not expect any market reaction to this news, because preliminary data about the additional share issue appeared in early April and is already priced-in.