Ukrnafta's AGM blocked again

Ukrnafta (UNAF) reported this morning that its AGM scheduled to take place today will not be held as registrar Ukrnaftogaz has 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: This was in line with our expectations. In addition to the question of whether Ukrnafta has enough cash to pay out dividends this year, the issue has become highly politicized and we hardly see any movement by the state and Privat to bury the hatchet.