Odesaoblenergo EGM fails to convene due to lack of quorum

Odesaoblenergo’s EGM scheduled for June 6 didn’t take place due to lack of quorum. Only 41.4% of voting shares checked in, shy of the 60% needed for quorum. The EGM’s agenda included a controversial item: approval of the results of the company’s January 2007 UAH 100 mln additional share issue (2.9x charter fund increase). Alexander Paraschiy: The situation is similar to Odesaoblenergo’s more than 20 other EGMs between March 2007-May 2008. Approval of the additional share issue results requires 75% votes of shareholders at the meeting. As the state is against the issue (it has 25%), the only chance to approve the results is to hope that the state will not register for the meeting. As soon as a State Property Fund/National Energy Company representative checks in for meeting, the only way for majority shareholder VS Energy to still have a chance to approve the issue is to not convene the meeting.