Ukrnafta EGM today another no-go

Ukrnafta’s (UNAF) EGM scheduled to take place today was cancelled as the registrar Ukrnaftogaz once again failed to provide a register of shareholders. The agenda included consideration of the distribution of profits and dividends for 2006-2008. The company has been unable to sit a shareholder meeting due to a lack of agreement on key issues between the state (50% shareholder) and Privat (42% shareholder). Ukrnafta shareholders were last able to convene for a meeting in May 2007. Andriy Gerus: The failure of Ukrnafta’s shareholders to meet is in line with our expectations; there are still no signs of agreement between the state and Privat regarding the company’s direction.