DTEK announces plans to squeeze out shares in DTEK Pavlohradvuhillia
DTEK Holdings Limited has announced plans to squeeze out shares in PrJSC DTEK Pavlohradvuhillia, using the right of owning the dominating controlling stake in the company.
DTEK Pavlohradvuhillia said in the information disclosure system of the National Commission for Securities and the Stock Market, DTEK's companies totally hold 99.92324858% of shares in PrJSC DTEK Pavlohradvuhillia or 5.577 billion shares.
Minority shareholders hold 4.284 million shares.
As reported, in 2017 Ukraine implemented the requirements of the EU Directives in part of reforming the stock market by adopting changes to the law on joint-stock companies, which legislatively fixed the mechanisms for the withdrawal of securities of quasi-public companies from circulation on stock exchanges, including through the procedures of squeeze-out and sell-out. Squeeze-out provides for the right of the person (persons acting jointly), who became the owner of 95% of shares and more, to carry out a forced redemption of shares from minority shareholders.