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Khersonoblenergo (HOEN: HOLD) Seeks Additional Capital

Khersonoblenergo (HOEN: HOLD) Seeks Additional Capital

30 May 2008

Shareholders in Khersonoblenergo (HOEN: HOLD) decided to issue a USD 2.35 mn bond at its most recent AGM. The term of the bonds issue and placement has not been determined yet. In addition, HOEN shareholders decided to increase the company?s statutory fund by USD 4.11 mn through an additional share issue: 83.9 mn ordinary shares with a face value USD 0.25 (USD 0.049) will be issued this year. Subscription to the new shares issue will take place from July 25 to September 23. Concorde Capital:HOEN is the least attractive private regional electricity distributor (obloenergo), with a high debt to the wholesale market operator, and high level of electricity losses, which reduce the company’s income. Money from a bond and share issue will be used to upgrade equipment on its power transmission lines. However, due to high level of the company debt, it is likely that part of the funds will go for reducing company debt.

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