Avdiyivka Coke AGM OKs 0.8% charter fund increase

At their AGM yesterday, Avdiyivka Coke (AVDK: BUY) shareholders voted to conduct a 0.8% charter fund increase. Subscription will be held in two stages: (1) from August 11 to September 1 on a pro rata basis and (2) on September 2; the ex-rights date will be August 8. The new shares will be placed at par value, UAH 1.76 (USD 0.36). Eugene Cherviachenko: In addition to giving the go ahead to the charter fund increase, company CEO Gennady Vlasov said that Avdiyivka Coke is targeting to increase output to its projected capacity, 6.8 mln mt per year, in more than five years. We stick to our LT forecast of 5.7 mln mt of coke per annum (see also yesterday’s flash note).