OREANDA-NEWS. January 27, 2010. The shareholders of Ukrnafta voted at their meeting on January 26 supporting the proposal to pay UAH 5.087 billion as dividends on the net profits that the company earned in the period of 2006-2008. The dividends of UAH 44.48 per share will be paid on the profits that the company earned in 2006 from August 1, 2010, to August 1, 2011; dividends of UAH 22.82 per share will be paid on the profits it earned in 2007 from January 29, 2010, to August 1, 2011; dividends of UAH 26.54 per share will be paid on the profits it earned in 2008 from January 29 to August 1, 2010. Naftohaz will receive half of the dividends because it owns a 50% stake + 1 share in Ukrnafta. Also shareholders concluded an agreement on cooperation and mutual understanding among the shareholders of Ukrnafta and made the relevant amendments to the articles of incorporation of the Сompany. Instead of a dividends payout, Naftogaz agreed to Mr.Kusch becoming the CEO of the management board of Ukrnafta (he had been acting CEO of the board in this Company earlier), which is close enough with Privat Group (owning 42% stake in the UNAF share capital).

Millennium Capital: the news about the long-awaited dividends payout has already increased Ukrnafta share price. But Millennium Capital notes that if tender bids for its production continue at low price level, one should expect a decline of UNAF financial performance in 2010.