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Dniproenergo October 10 EGM banned by court

Dniproenergo October 10 EGM banned by court

13 October 2008

Dniproenergo’s (DNEN: BUY) EGM scheduled for October 10 did not take place, according to the company’s press service. The Kyiv District Administrative Court, in response to a lawsuit by Ukrnaftogaz, Dniproenergo’s former shareholder registrar, banned the company’s current registrar, Prominvestbank, from providing a list of shareholders for AGM. The EGM was scheduled to vote on the distribution of 2007 net income, changes to the company’s supervisory board, and the election of a new general director for the company. Alexander Paraschiy: In view of the conflict between Dniproenergo’s two main shareholders, DTEK and the National Energy Company of Ukraine (NC ECU), the AGM had a low chance of taking place. We believe the meeting was not in the interest of either main shareholders. For DTEK, it would mean the risk of loosing control over the supervisory board, while for the NC ECU, participation in the meeting would mean that the state holding admits that it holds 50% of Dniproenergo (as recognized by Prominvestbank), but not 76% – the stake the NC ECU had before the disputable additional share issue of August 2007.

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