Dniproenergo's AGM To Approve Restructuring Is Scheduled for August 27

At Dniproenergo’s (DNEN: HOLD) AGM on August 27, shareholders will consider restructuring the company via an additional share issue and exchange of all the new shares for 100% in the company Investment Community Ltd. Alexander Paraschiy:  As was approved by Dniproenergo’s board of creditors, DTEK affiliates would create a separate company (we believe this is Investment Community Ltd) with charter fund of about USD 200 mln to be merged with Dniproenergo. As a result of the merger, DTEK will increase its presence in Dniproenergo from 8.3% to 39.7% and will invest about USD 400 mln in Dniproenergo for debt repayment and CapEx financing (refer to our June 22 note for more details). We believe the AGM will approve restructuring process in Dniproenergo.