Ukrnafta postpones vote on vertical integration

Ukrnafta (UX: UNAF UK) held an EGM yesterday, March 22, for the second time this year following its February 25 AGM; quorum was exceptionally high at over 95%. The EGM postponed voting on the formation of a vertically integrated oil company (VIC) and a 25% additional share capital increase. Shareholders voted on technical issues required by law such as restructuring into a public joint stock company and converting the shares into non-documentary form (dematerialization), as required by the 2009 Law on Joint Stock Companies. The specific timeline for dematerialization, which implies a suspension in trading of shares on stock exchanges, is not yet clear. Antonina Davydenko: We do anticipate major shareholders, Naftogaz of Ukraine (50%+1) and Privat (~45%), to negotiate the details of the VIC structure and bring it up for discussion at an upcoming, as yet unscheduled, shareholder meeting.