Shareholders of Ukrnafta at meeting on Nov 30 may begin division of assets with Naftogaz
PJSC Ukrnafta has announced an extraordinary meeting of shareholders scheduled for November 30, 2021, and issues, the adoption of which will launch the process of dividing its assets between the majority shareholder represented by NJSC Naftogaz Ukrainy and minority shareholders, will be considered.
According to the agenda of the meeting, it is proposed to transfer part of Ukrnafta's assets to the charter capital of Ukrgazaktiv LLC, which it created in August 2021. Ukrnafta fully owns the company.
At the same time, the value of the transaction is more than 50% of the value of Ukrnafta's assets, according to the latest annual financial statements.
Further, after the approval of a number of sale and purchase agreements between the companies, the issue of the purchase of a 100% stake in Ukrgazaktiv by Naftogaz Ukrainy will be brought up to the meeting.
After that, the shareholders will consider the issue of Ukrnafta buying out 27.114 million of its shares from Naftogaz, which is 50% + 1 share.
According to the draft proposed decisions of the meeting, the term for Ukrnafta to buy out its shares from Naftogaz is within one year. The redemption price of shares (or the procedure for determining it) is equal to the market value determined in accordance with the requirements of the Law on joint stock companies.
The draft decisions also state that "the company's actions on the repurchased shares: cancellation".
In addition, Ukrnafta shareholders are invited to settle a dispute with Naftogaz over the gas produced by the company in 2007-2013 as part of the asset sharing process either by the conclusion of some kind of deal, or by the conclusion of a peace agreement in the framework of court case No. 910/3660/18.