Dneproenergo Conducted General Meeting of Shareholders
OREANDA-NEWS. On March 24, 2009 General Meeting of Shareholders of Dneproenergo took place as scheduled. This was announced by the company’s Board Chairman Yuriy Bochkaryov, reported the press-centre of Dneproenergo.
The holders of 97.851% of shares registered their participation. Representatives of the State Committee on Securities and Stock Exchange Market did not find any violations in the registration procedure. The appropriate protocol was drawn up.
The meeting approved reports of the executive body of Dneproenergo on financial and economic performance of the company for 2007-2008 year, the reports of the Supervisory Board and the Audit Commission. The participants also approved the annual financial reports for 2007-2008. The company showed net profit of UAH 121.938m in 2007. In 2008, Dneproenergo delivered loss of UAH 16.231m. The main reason is the slowdown in electricity generation in Q4 2008 because of the lower demand by consumers.
The shareholders decided to distribute the profit in 2007 as follows: 50% will be paid as dividends with the biggest portion of the amount to be transferred to the national budget; 45% will be allocated on development of the company; and 5% will be channelled to the provident fund.
The meeting also decided to amend the Charter and internal documents. The shareholders voted to sign an agreement with Prominvestbank to maintain a share register.
"Senior managers and employees of Dneproenergo appreciate the fact that amid the crisis the government and private shareholders could make a joint decision to stabilize the situation at the company by holding a Shareholders Meeting", said Board Chairman of Dneproenergo Yuriy Bochkaryov. "By voting with the controlling stock (50% +1) at the meeting, NAK ECU took a responsible position. It opens opportunities for the company to raise long–term funds for investment programs and further development strategies".
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