ZACO AGM Shelves Share Swap Vote

There was no vote on ZaporizhCoke’s (ZACO: Susp) planned share swap with the private limited company TOV ZARS at the company’s AGM this morning. The proposal was removed from the AGM’s agenda before the start of the meeting. ZACO’s shareholders did however vote to pay $15.8 mln in dividends, a dividend yield of 11.15%. Andriy Gostik: ZACO had announced plans to merge with ZARS by swapping 1.1 bln newly issued ZACO shares, valued at par value of 1 kopeck per share for a total of UAH 11 mln, for 100% of ZARS’s shares. The share issue would increase the total number of ZACO shares from 119.3m to 1219.3m, and thereby dilute the stakes of minority shareholders by 10.2 times. We will release more information on the AGM as it becomes available.