SPF To Appeal Against ODEN's Additional Share Issue

The State Property Fund decided to appeal against a decision made by Odessaoblenergo’s (ODEN) shareholders at their EGM last week, which would increase ODEN’s charter fund about three times via an additional share issue. According to the SPF’s information, representatives of the National Energy Company (NC ECU, which holds the state’s 25% stake in ODEN) voted for the issuance without the permission of the SPF. However, NC ECU representatives claim they voted against the decision (refer also to our EGM news of Nov. 7). Alexander Paraschiy: As we wrote before, the SPF and NC ECU have the power to block additional share issues, because approval of additional share issues requires a change in ODEN’s charter (by more than 75% votes). The appeal is unlikely to turn out in the SPF’s favor.