Oblenergos Unfrozen.
16 February 2008
Yesterday the State Securities and Exchange Commission (SSEC) decided to cancel its resolution to freeze trading in four Oblenergos:
Lvivoblenergo (LVON: BUY)
Prikarpatoblenergo (PREN: BUY)
Poltavaoblenergo (POON: BUY)
Chernihivoblenergo (CHEON: SELL)
Concorde Capital: In response we reinstated our recommendations for these companies (refer to our note of February 10). We also expect the same decision will be made for the fifth company: Sumyoblenergo (SOEN) in the near future. As we expected, the management of Oblenergos retaliated by claiming SSEC’s restrictions were unfairly pushed by Vladimir Petrenko to the benefit of minority shareholder Konstantin Grigorishyn. The conflict around these Oblenergos will continue to rage on but we do not expect it to harm these companies
