Five Oblenergos failed to hold AGMs

Yesterday five Ukrainian Oblenergos controlled by Privat group, Chernihivoblenergo (CHEON: BUY), Lvivoblenergo (LVON: BUY), Poltavaoblenergo (POON: BUY), Prykarpatoblenergo (PREN: BUY) and Sumyoblenergo, failed to hold AGMs. Only representatives of the state (which holds 25%-27% in each of the companies) and several minority shareholders checked in, shy of the 60%+1 necessary for quorum. Alexander Paraschiy: Igor Kolomoyskiy and Konstantin Grigorishyn, which together control 36%-40% stakes in the five Oblenergos, have traditionally ignored the meetings – a clear sign that the parties have still not found common ground. Moreover, unlike the AGMs for these Oblenergos scheduled in 2007 and for May 2008, this time even representatives of Cyprian companies Lex Perfecta and Margaroza (which hold 25%-35% stakes) did not check in – which could be a sign that Grigoriy Surkis (who is rumoured to control these SPVs) has lost all hope that Kolomoyskiy and Grigorishyn will reconcile. Alternatively, it can also be a sign that Surkis sold his stakes to his partner Kolomoyskiy.