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UNAF EGM Retains Chairman, Votes For New Supervisory Board

UNAF EGM Retains Chairman, Votes For New Supervisory Board

17 November 2008

Shareholders representing 84% of Ukrnafta’s (UNAF: SELL) shares attended the company’s EGM this morning allowing the company to reach quorum. The EGM voted to make former Ambassador to Turkmenistan, and current deputy Fuel and Energy Minister Vadim Chuprun head of the company’s supervisory board as well as for a reshuffle of the UNAF’s audit committee. The shareholders also voted to establish a subsidiary in Nigeria, instead of a joint venture, as was originally planned. The shareholders decided not to vote for changes to the company’s management board, as proposed by Naftogaz Ukrainy (UNAF’s majority shareholder), because according to Ukrnafta’s charter only the Supervisory board can initiate changes to the management board. Vladimir Nesterenko: The fact UNAF’s shareholders decided to retain the company’s Chairman, indicates that Privat Group (holder of a 42% stake) and the new management of Naftogaz Ukrainy have found some common ground. However, uncertainty remains about whether Privat will manage to maintain the same level of operating control with the management reshuffle still on the agenda. The new government-friendly Supervisory Board now will put forward its suggestions for the management board. Look for another EGM in the near future.

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