16:58 21.08.2018

Court recognizes rightness of DTEK Dniproenergo in dispute with Synergy 7 fund about share prices

2 min read
Court recognizes rightness of DTEK Dniproenergo in dispute with Synergy 7 fund about share prices

 The Kyiv Economic Court has agreed with the decision of the supervisory board of DTEK Dniproenergo to set the price of share squeeze-out at the level of buying the blocking stake from the state, denying the suit of Synergy 7 corporate investment fund under the management of KINTO company, which insisted on redemption at the average exchange rate.

The relevant court decision of August 13 has been posted in the Single Court Rulings Register.

According to the decision, Synergy 7 holding 250 shares of DTEK Dniproenergo considered the purchase price to be correct at UAH 773.701 per share, while the forensic expert raised it to UAH 788.323, but the court in this situation recognized the market value of shares that was determined by appraiser of Expert-Analyst LLC at UAH 250.01.

In this regard, the court found the price determined by the supervisory council at UAH 488.14 per share to be correct. This is the price at which Ornex Limited, affiliated with the majority shareholder of DTEK, acquired 25.000017% from the State Property Fund in August 2017.

According to the case materials, Synergy 7 estimated the costs of legal aid in this claim at UAH 20,000, examination at UAH 25,000, another UAH 4,570 was paid as a court fee, as the company sought payment of UAH 304,780.

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