Turboatom AGM approves UAH 44 mln dividend

Turboatom (UX: TATM UK) shareholders, at an AGM yesterday, allocated UAH 43.9 mln, or 35% of the company’s 2009 net profits (UAH 125.7 mln), to pay out as dividends. Dividends are to be paid out from April 1, 2010 to March 31, 2011. Yegor Samusenko:  This decision implies UAH 0.104 dividends per share, or 2.6% dividend yield. We note that there is a risk of invalidation of this AGM’s decisions, because it was held without a shareholder register. Local courts prohibited giving the shareholder register to Turboatom due to a lawsuit from a minority shareholder. We believe Konstantin Grigorishyn, who owns 12% stake in Turboatom and has publicly stated his intention to change its management, is behind this lawsuit.