OREANDA-NEWS. September 16, 2009. Galnaftogaz (GLNG) shareholders, at an EGM on Monday, approved going forward with a 16.7% charter fund increase to UAH 204.6 mln via an additional share issue. The company will issue 2,931,936,197 new ordinary shares.

Concorde Capital: This charter fund increase is the first stage of the European Bank for Reconstruction and Development's USD 50 mln capital injection. Subscription will be at UAH 0.08 per share (USD 0.01 according to the official exchange rate). Thus the EBRD will pay USD 21.99 mln for an 11.2% stake in Galnaftogaz, putting the post-money value of the company at USD 197.13 mln (vs. pre-money value of USD 175 mln). According to the company's management, the share issue should be completed in December 2009 - January 2010. The second stage of the EBRD's capital injection, in the amount of USD 30 mln, is planned to be completed in 2010.

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.