Sumyoblenergo AGM fails due to lack of quorum

Sumyoblenergo’s AGM scheduled for May 21 didn’t take place due to lack of quorum, the company said yesterday. The AGM’s agenda included electing new members to the supervisory board, audit commission and board of directors; approval of 2003-2007 financials and distribution of 2007 net income. Alexander Paraschiy: As we predicted, Sumyoblenergo joined Chernihivoblenergo (CHEON: U/R), Ternopiloblenergo (TOEN: U/R) and Poltavaoblenergo (POON: U/R), in not convening shareholder meetings this year. These companies have failed to hold AGMs since 2001 due to the conflict between their major private shareholders. Currently, Ihor Kolomoiskiy and Konstantin Grigorishyn are trying to find common ground with the management of the companies, but it looks like negotiations will continue. We also expect the AGM of electricity distribution company Lvivoblenergo (LVON: U/R), scheduled for today, to follow suit. Sumyoblenergo was delisted from the PFTS, but shares are available to investors OTC.