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Prikarpatoblenergo Failes To Hold AGM.

Prikarpatoblenergo Failes To Hold AGM.

13 October 2008

The AGM of energy distribution company Prikarpatoblenergo (PREN: BUY) failed yesterday due to the absence of a quorum. Only about 36% of the shareholders were registered, while at least 60% is required to reach a quorum. Concorde Capital: PREN held an AGM in February 2005, but later it was recognized illegal. All Surkis?s attempts to hold an AGM do not have the support of other minority shareholders, the NC ECU and Grigorishyn. Thus, we can summarize that the conflict in the Grigorishyn/NC ECU/Surkis companies has not finished. The only way to end the AGM boycott is by clarifying the ownership rights of the Oblenergo stakes controlled by the two ex-partners, Grigorishyn and Kolomoiskiy who jointly own companies which control about 40% of the shares in five utilities.

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