No Luhanskobloenergo Network For Ukrsotsbank, Court Says

Concorde Capital:This court decision is not a surprise, as NERC and Luhanskoblenergo have questioned the validity of the transaction since 2001. The networks were sold at a P/S of 0.096 compared to an average P/S of 0.72 for Oblenergos privatized in 2001. Moreover, the networks were sold net of Luhanskoblenergo’s debt to the wholesale market operator of about USD 260 mn.