Galnaftogaz Additional Share Issue Subscription Ends Tomorrow

28 January 2008
Subscription for Galnaftogaz’s (GLNG: U/R) additional share issue ends tomorrow. On November 5, 2007 Galnaftogaz’s EGM approved the USD 57 mln capital increase. Subscription began Nov. 30, 2007 and will conclude tomorrow, Jan. 29, 2008. Vladimir Nesterenko: According to the company, the capital increase is a part of the its plans to gear up for an IPO in 1Q09. Subscription was held at a high price, UAH 0.16 (USD 0.032), so we foresee little interest from minorities, which could result in under-subscription of about USD 7-10 mln.