Poltavsky GOK's (PGOK) AGM's Results: Charter Fund Increased By 35%

The company increased its charter fund to USD 217 mn. The first stage of the subscription for new shares will take place from June 8 to June 22 (for current shareholders); the second stage will be during June 23-24 (for other investors in the case of under-subscription). PGOK will pay dividends of USD 1.1 mn, or 15% of 2004 net income (a dividend per share of USD 0.013, or 0.002% yield). Also, the company plans to pay dividends for 2005 at 1.5% of net income. The company plans to expand sales for 2005 by 80% to USD 493 mn, increasing net income more than 11 fold to USD 95 mn. As PGOK is export-oriented, exporting about 90% of its output, the company will not succeed in its financial plans for 2005, due a 5% reduction in income due to the recent Ukrainian hryvna revaluation.