ZPST Suspension Extended to July 17

The PFTS decided to extend its suspension of trading in Zaporizhstal (ZPST: Susp.) after the company’s supervisory board on Friday approved a buy-back of $0.37/share to minority shareholders who did not vote for the share issue at the company’s June 7 AGM. Andriy Gostik: Zaporizhstal’s buy-back offer was below the last bid quote for the stock ($0.50) not to mention the market price that prevailed prior to the news on the planned share issue ($1.20). The continued suspension gives some support to portfolio investors who are putting pressure on the company to either drop the share issue or raise the buy-back offer to $1.20/share.