Ukrnafta fails to hold EGM considering its split

The extraordinary general meeting of Ukrnafta (UNAF
UK) shareholders, scheduled for Nov. 30, has not occurred as none of the
company’s major shareholders signed up. Only holders of 1.1% of shares signed
up, Interfax-Ukraine reported, with a quorum being 50%+1. Recall, the EGM’s agenda contained questions regarding a possible spinoff
of some assets from the company and then exchanging them for either 50% of
Naftogaz’ (NAFTO) stake in the company, or 40.1% stake of Kolomoisky and
partners.

The next attempt of shareholders to meet and vote for
the Ukrnafta split is scheduled for Dec. 23.

Alexander Paraschiy: Negotiations between the government/Naftogaz and Kolomoisky on the
ways to split Ukrnafta between these two groups can last for many years,
so  the probability is not very high that the next scheduled EGM will be
fruitful.