Sumyoblenergo's AGM Failed.
22 September 2008
The energy distribution company Sumyoblenergo (SOEN: BUY) failed to hold its AGM for the second time this year (the first trial was on April 22). As was the case the first time, the court banned the meeting. Concorde Capital: This is evidence that conflict between main shareholders of SOEN goes on. Failure to hold an AGM is unlikely to impair SOEN?s minority shareholders? rights for dividends: the company?s EPS was only USD 0.0002 in 2004. Also, it will not harm the company?s operating activity, as the company is still among the best performing Oblenergos despite April?s AGM failure.
