Poltavaoblenergo AGM fails to convene due to lack of quorum

Poltavaoblenergo’s (POON: U/R) AGM scheduled for May 14 failed to take place due to lack of quorum, the company said yesterday. Only 55% of voting shares checked in for the meeting, while quorum is 60%+1 share. The AGM was to approve POON’s 2001-2007 financials. Alexander Paraschiy: Poltavaoblenergo and four other distribution companies, where Kolomoiskiy and Grigorishyn jointly control 40% stakes, have not been able to hold an AGM since 2001. Earlier this year, Chernihivoblenergo (CHEON: U/R) and Ternopiloblenergo (TOEN: U/R) failed to hold AGMs. We believe the same fate is in store for Sumyoblenergo’s (SOEN: N/R) shareholder meeting slated for May 21 and Lvivoblenergo’s (LVON: U/R) AGM on May 27. Despite Kolomoiskiy’s statement that he and Grigorishyn are trying to resolve conflicts with other shareholders that would allow for a resolution to the conflicts, the failed AGMs suggest that the parties are far from consensus.