Ukrnafta reports the receipt of a demand from the company’s majority shareholder - Naftogaz of Ukraine - to call of the Extraordinary General Meeting of Shareholders.

As reported, the meeting of Ukrnafta Supervisory Board, planned for June 22 did not take place due to lack of quorum, which made it impossible to conduct the General Meeting of Shareholders, scheduled for July 7, 2016.  The Agenda of the Extraordinary General Meeting of Shareholders remains unchanged. It is expected to approve the launch of out-of-court sanation of Ukrnafta and to discuss conditions for the financial recovery process. The shareholders meeting also intends to review the reports of Executive Management Board, Supervisory Board and Audit Committee for 2015, to validate the financial results for 2015, to elect members of Supervisory Board and Audit Committee.

According to the Ukrainian legislation the demand on the call of the Extraordinary General Meeting of Shareholders has to be considered by the Supervisory Board.

The Extraordinary General Meeting of Shareholders is expected to be by the end of August.

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