Nikopol Ferroalloy Multiplies Charter Fund Fivefold

At their EGM yesterday, shareholders in Nikopol Ferroalloy (NFER: N/R) voted on charter fund increase of five times from UAH 75 mln (USD 14.8 mln) to UAH 388 mln (USD 76.8 mln) via an additional share issue. Subscription will take place from January 14 to February 1, 2008 at par value (UAH 0.25 per share). Andriy Gerus: Last week, the State Property Fund has given up its claim to a 50%+1 stake in Nikopol Ferroalloy, leaving it under the control of Interpipe (Viktor Pinchuk). We see the issue as a mechanism to reduce the disputed 50%+1 stake to roughly 10%. According to the company, the ex-rights date will be January 13, 2008.