OREANDA-NEWS. On 17 August 2009 Ukrnafta (UNAF) reported that its AGM scheduled to take place today will not be held as registrar Ukrnaftogaz has once again failed to provide a register of shareholders. The agenda included consideration of the distribution of profits and dividends for 2006-2008. The company has been unable to sit a shareholder meeting due to a lack of agreement on key issues between the state (50% shareholder) and Privat (42% shareholder). Ukrnafta shareholders were last able to convene for a meeting in May 2007.

Concorde Capital: This was in line with our expectations. In addition to the question of whether Ukrnafta has enough cash to pay out dividends this year, the issue has become highly politicized and we hardly see any movement by the state and Privat to bury the hatchet.

Concorde Capital is a full service investment bank operating on the Ukrainian, Russian and CIS markets. In 2007 Concorde Capital’s analytical team was recognized as the Top Team covering Ukraine by Thomson Extel's Pan European Survey. Senior Analyst Alexander Paraschiy was recognized as the Leading Pan-European Investment Analyst – European Emerging Markets. Concorde Capital is a leader when it comes to private placements and M&A deals. Concorde Capital’s sale of a stake in Electron Bank to Volksbank International AG was named the Best Ukrainian M&A deal of the year 2007 by the Adam Smith Institute.