Galnaftogaz Share Placement Begins Today

Today is the first day of Galnaftogaz’s (GLNG: U/R) additional shares placement approved at the company’s EGMon November 5, when shareholders approved a capital increase of UAH 290 mln (USD 57.4 mln). The company is placing 1,812.5 mln additional shares at market price, UAH 0.16 (USD 0.032). The ex-rights date is today, November 30. Subscription will last until Jan. 29, 2008, with the first stage ending on Jan. 10, 2008. The company announced today that the shares will be placed on local trading system Perspectiva. The company will forward all requests to the authorized trader, which will sell additional stock on a commission basis.