Ukrnafta votes to pay out 2006-2008 dividends

Ukrnafta (UX: UNAF UK) shareholders convened a meeting for the first time since May 2007, and approved the payout of dividends for 2006-2008. Ukrnafta dividends from 2006 profits (UAH 2.4 bln) will be paid from August 1, 2010 to August 1, 2011 at UAH 44.48 per share; from 2007 profits (UAH 1.2 bln) from January 29, 2010 to August 1, 2011 at UAH 22.82 per share; from 2008 profits (UAH 1.4 bln) from January 29, 2010 to August 1, 2010 at UAH 26.54 per share. An understanding and cooperation agreement was signed on January 25 between Naftogaz of Ukraine and Privat, which according to Naftogaz officials yesterday quoted by Interfax, clearly spelled out the responsibilities of the supervisory and executive boards of the company. Kommersant reported that the agreement raised the amount of votes required to change the company’s management from 60% to 75%. Ukrnafta shares closed up 27% on the UX yesterday. Andriy Gerus: Ex-rights date for the first stage of payments is January 28, for the second – July 31. As of January 26, the dividend yield amounted to 39%. We believe the stock has the potential to rise another 5% in the next two days.