Kyivenergo EGM fails to convene

Kyivenergo’s (KIEN) scheduled EGM yesterday failed to convene – the official reason was the absence of a legitimate registrar (which is responsible for checking in shareholders for the EGM). The company’s current registrar, Ukrnaftogaz, lost its license. The agenda of yesterday’s meeting included issues on the re-election of the supervisory board and audit commission, distribution of 2007 profits, and changing the company’s shareholder registrar. Alexander Paraschiy: With the EGM’s failure, DTEK keeps control over Kyivenergo’s supervisory board (elected at the last valid shareholder meeting in fall 2007), which allows it to fully control the company’s management. We see the next meeting (AGM scheduled for March 31, 2009) as also having a low chance of convening.