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Message: Surgut saga sewn up
Surgut saga sewn up, no voting right at Hungarian MOL's AGM
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April 27, 2010, 8:15 am
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http://portfolio.hu/en/cikkek.tdp?k=1&i=19988
Hungary’s financial markets regulator (PSZÁF) has concluded a probe into Russian Surgutneftegaz’s 2009 purchase of a 21.2% stake in local fuels group MOL without taking action.
The watchdog has launched a market surveillance procedure on 29 March 2009 to determine whether the behaviour of any market player in relation to the transaction infringed regulations banning insider trading and market influencing.
The investigation was into Surgut's purchase of a 21% stake in MOL from Austria's OMV in late March 2009. Both MOL and the Hungarian government heavily objected the deal.
MOL will hold its annual general meeting on 29 April where Surgut will not be able to vote as it had not been registered in the company’s shareholders’ book in time, due to the PSZÁF investigation and a process by the Hungarian Energy Office which still has not been closed.
Following the closing of the PSZÁF investigation, Surgut’s registration in MOL’s shareholders’ book gets referred to the Hungarian Energy Office, which had already had a probe into the transaction but it was suspended at the request of the PSZÁF. According to Portfolio.hu’s information, the regulator requested Surgut to submit a Letter of Representation in order to be registered as a MOL shareholder. Local media reported earlier that Surgut did send the energy office the necessary documents, but when Portfolio.hu asked for the HEO’s confirmation, it could not provide it saying the procedure was no longer in progress.
Whatever the next chapter in the Surgut saga will be, the release of the PSZÁF decision, i.e. the conclusion of its investigation, came at the right time for MOL’s management. The AGM will be held this Thursday and the shareholders’ book was closed on 20 April until the end of the meeting. So Surgut will not be able to vote anyhow.
Whatever the next chapter in the Surgut saga will be, the release of the PSZÁF decision, i.e. the conclusion of its investigation, came at the right time for MOL’s management. The AGM will be held this Thursday and the shareholders’ book was closed on 20 April until the end of the meeting. So Surgut will not be able to vote anyhow.
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