Ukrnafta regrets to inform that the meeting of the Supervisory Board scheduled for June 22 didn’t take place due to absence of representatives of minority shareholders as well as a Naftogaz representative. Ukrnafta’s management is disappointed about the failure to hold a Supervisory Board meeting that was supposed to discuss the upcoming General Shareholder Meeting where the financial rehabilitation plan of the company was to be approved by shareholders.

Consequently, the General Shareholder Meeting, initially scheduled for July 7, 2016 will now have to be rescheduled.

The Supervisory Board members were also to discuss and approve the main requirements and criteria for selecting an auditor to perform the audit of the company. This decision will also be deferred.

Mark Rollins, Chairman of the Executive Board of Ukrnafta:
“In the current situation the successful approval of the financial recovery process is under threat and timing is everything. Each delay in making crucial decisions hinders the revival of Ukrnafta. As I said before, I want to move very quickly to commence the process of the company’s financial recovery and technical modernization.  We’ve done our part as Ukrnafta’s management: we proposed the plan, delivered on our every commitment so far to start the financial rehabilitation as soon as possible. Unfortunately, there are elements of the process we are unable to influence. However, I hope the Supervisory Board meeting gets rescheduled for the nearest date as it is a necessary precondition for holding the General Meeting of our shareholders where our vision for the company’s successful future will finally be brought up for voting.” 



The previous meeting of Ukrnafta’s Supervisory Board resulted in approving the start of the company’s financial rehabilitation process.

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