8 December 2011
Avangard (AVGR LI) set a new EGM date for December 28, 2011 to have shareholders approve a share buyback program, the company announced yesterday. An earlier EGM with a similar agenda scheduled for November 30 was cancelled a day in advance. Yegor Samusenko: We believe postponement of the EGM was technical. We believe management has strong incentive to inflate the company’s share price, given its parent company Ukrlandfarming (holder of a 77.5% stake in Avangard) plans to complete a private placement this winter or next spring. Avangard multiples would serve as a logical comparison during placement of the parent company.