Ukrnafta AGM Approves 100% Dividend Payout, Ivchenko Resigns.

This morning Ukranafta’s (UNAF: HOLD) AGM voted to pay 100% of the company’s 2005 profits (~USD 370 mln) in dividends or about ~ USD 7 per share – an 11% dividend yield. The ex-dividend date is June 15, 2006. In addition, the shareholders voted to pay 40% UNAF’s 2006 net income as dividends. The remainder of 2006’s profits will go towards the development of Ukranaft’s vertically integrated structure.  The head of the company’s supervisory board, Oleksiy Ivchenko and board member Alexander Tretiakov both resigned to take seats in the new Rada. Vladimir Karetko, the former head of the gas company Nadra Ukraina, was named the new head UNAF’s supervisory board and Alexander Bolkisev, the former general director of Gaz Ukriany, replaced Tretiakov.