Dniprooblenergo AGM: Dniproenergo Story?

After the National Energy Company announced results of April 30 AGM of Dniprooblenergo (DNON: HOLD) (refer to our May 1 news), the management of Dniprooblenego responded that the AGM failed to take place. According to the management, the AGM was re-scheduled for June 30, and registration of shareholders for the April 30 AGM did not take place. Though, according to today’s letter from the National Energy Company (cited by Ukrainian News), the AGM did take place, though at a different location. Alexander Paraschiy: The case of the AGM of distribution company Dniprooblenergo resembles the AGM of generation company Dniproenergo (DNEN: BUY) on March 21. Management of both companies is effectively controlled by DTEK (SCM_BGI), while main shareholder, the National Energy Company, represents interest of rival business group Privat (Privat_BGI). In Dniproenergo’s case, legitimacy of the March 21 AGM still has not been recognized, the same we expect for Dniprooblenergo.