Odesaoblenergo EGM fails to convene due to lack of quorum

Odesaoblenergo (ODEN: SELL) EGM didn’t take place yesterday due to the absence of quorum, according to Odesaoblenergo’s major shareholder VS Energy. Only 41.4% of voting shares checked in (VS Energy didn’t), shy of the 60% needed for quorum. The next company’s EGM is scheduled for August 8. Alexander Paraschiy: At the EGM yesterday, as well as at more than 20 other Odesaoblenergo EGMs scheduled between March 2007 and July 2008, shareholders planned to approve results of the company’s additional share issue which took place in January 2007. Approval demands 75% votes pro, but the State Property Fund (holds 25% of Odesaoblenergo) is going to vote against. This means, as soon as the SPF checks in for the company’s EGM, VS Energy does not check in and EGM fails to convene. We believe the next Odesaoblenergo EGM will not be held as well.