Ukrnafta To Hold An EGM in September-October

According to a local daily citing Naftogaz of Ukraine, Ukrnafta’s (UNAF: SELL) majority shareholder, the Ukrnafta will announce at date for its EGM this month. This means that the EGM will be scheduled for September or early October. At Ukrnafta’s May AGM the shareholders voted to postpone approval of the company’s 2006 financial results and voting on the size of a dividend payout until the Audit Committee finishes its inspection of the company’s activity. Vladimir Nesterenko: We maintain our forecast that Ukrnafta will distribute at least 40% of 2006 earnings. At the same time, we do not rule out that it might take longer than three months to decide, given the upcoming elections.