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RESOLUTION OF THE CABINET OF MINISTERS OF UKRAINE

of June 6, 2007 No. 797

Questions of decision making concerning carrying out additional share issues, their redemption by the state or introduction of additional deposits to the authorized capital of economic societies

According to the Law of Ukraine "About management of objects of state-owned property" the Cabinet of Ministers of Ukraine decides:

1. Approve the Procedure for decision making concerning carrying out additional share issues, their redemption by the state or introduction of additional deposits to the authorized capital of economic societies which is applied.

2. To the ministries, other central executive bodies in two-month time to adopt the regulatory legal acts necessary for accomplishment of this resolution.

3. To the Ministry of Finance to provide in time of creation of the draft of the government budget for the corresponding year of means for the redemption the state of shares of additional issues or introduction of additional deposits to the authorized capital of economic societies in which the state possesses corporate laws.

 

Prime Minister of Ukraine V. Yanukovych

Approved by the resolution of the Cabinet of Ministers of Ukraine of June 6, 2007 No. 797

Procedure for decision making concerning carrying out additional share issues, their redemption by the state or introduction of additional deposits to the authorized capital of economic societies

1. This Procedure determines conditions and the mechanism of decision making concerning carrying out additional share issues in joint-stock companies and the redemption of these shares by the state, introduction of additional deposits in authorized the capitals of limited liability companies in which the state possesses corporate laws (further - carrying out additional share issue, the redemption of these shares or introduction of additional deposits).

2. The question of carrying out additional share issue, the redemption of these shares or introduction of additional deposits is considered by the subject of management of corporate laws which belong to the state in the authorized capital of joint-stock company or limited liability company (further - economic society) in case this question is initiated by the non-state shareholder (share) of the relevant economic society or governing bodies of noted society and on condition of compliance of society to one of such criteria:

belonging to the companies which have strategic importance for economy and safety of the state;

on nation-wide commodity market, works, services society is monopolist;

accomplishment of the plan of privatization (the plan of share placing) of society which block of shares is fixed it (is left) in state-owned property;

the state share in the authorized capital provides to the state the right of the solving influence on economic activity of society;

receipt of net profit during two previous years;

share placing of society in the international stock market;

the number of shares (shares) which state in the authorized capital of society owns provides investment appeal of this block of shares (shares);

production of ecologically dangerous products.

3. The redemption or introduction of additional deposits is performed by the state of shares of additional issues within the appointments provided in the government budget on the answering purpose. The Cabinet of Ministers of Ukraine makes the decision on share repurchase of additional issues or introduction of additional deposits in case of availability of means in the government budget.

The fund of state-owned property submits to the Ministry of Finance proposals concerning amount of the means of the government budget necessary for the redemption the state of shares of additional issues or introduction of additional deposits.

4. The redemption or introduction of additional deposits in exchange for corporate laws of the state in the authorized capital of economic societies is performed by the state of shares of additional issues taking into account the restrictions set by part one of article 11 of the Law of Ukraine "About management of objects of state-owned property".

5. The redemption or introduction of additional deposits is performed by the state of shares of additional issues for providing:

non-admissions of reduction of the state share in the authorized capital of economic society;

control of the state of activities of economic society;

investment appeal of shares (shares) which state in the authorized capital of economic society owns;

receipt of funds in state and local budgets;

effective management of corporate laws of the state.

6. The subject of management of corporate laws of the state after receipt of the message on general meeting of shareholders (participants) of economic society which agenda includes question of increase in the authorized capital of society gives to week time to Ministry of Economics, the Ministry of Finance, Ministry of Justice, Fund of state-owned property and the central executive body which activities are connected with realization of state policy in the respective sphere (dalshezainteresovanny bodies), offers concerning feasibility of carrying out additional share issue, the redemption of these shares, or introduction of additional deposits, and also the draft of the corresponding order of the Cabinet of Ministers of Ukraine.

Are applied to offers:

Notarial and attested copy of constituent documents of economic society;

the list of shareholders (shares) with indication of the number of shares (the size of shares) in the authorized capital of economic society;

the business plan of development of economic society with calculation of amounts of the means necessary for the state for share repurchase of additional issue or introduction of additional deposits;

the financial reporting of economic society for the last two years which precede year of carrying out additional issue (balance, (form N 1), the report on financial results (form N 2), the cash flow statement (form N 3), the report on equity (form N 4), notes to the annual financial reporting (form N 5) and in case of need - disaggregation to them);

the certificate of the actual amount of the dividends transferred into the government budget for the last three years and expected amount of dividends after carrying out additional issue;

the act of audit (audit opinion) of the financial and economic activities of economic society which are carried out by the subject of management of corporate laws of the state or other bodies (in case of their availability).

7. The interested bodies consider offers and give to the subject of management of corporate laws of the state of the conclusion concerning feasibility of carrying out additional share issue, the redemption of these shares or introduction of additional deposits to week time and approve the corresponding draft of the order of the Cabinet of Ministers of Ukraine.

In the conclusion are also noted:

Ministry of Economics - cost efficiency of carrying out additional share issue, the redemption of these shares or introduction of additional deposits;

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