Dniproenergo share issue case sent back to Zaporizhya courts

On Friday, the High Economic Court of Ukraine redirected examination into the validity Dniproenergo’s (DNEN: BUY) Aug. 27, 2007 AGM, which approved a controversial share issue, back to the Zaporizhya Economic Court. The decision effectively suspends the Ukrainian Supreme Court’s April 8 ruling that declared the dilutive pro-DTEK share issue invalid. The High Economic Court ruled that previous court hearings took place without the involvement of all interested parties, specifically two DTEK coal mines, which effectively bought the additionally issued shares of Dniproenergo. Alexander Paraschiy: Due to the High Economic Court’s decision, DTEK wins more time (at least a year if the case goes back to court), which if the political wind does changes… the Supreme Court becomes highly likely to support DTEK keeping its 46% stake in Dniproenergo (for more details see our note of June 27).