The annual general meeting of Hungarian fuels group MOL has approved to pay no dividend in 2011 from 2010 profits. Russian Surgutneftegaz, which holds a 21.2% stake in the energy group, was once again barred from exercising its ownership rights.
The company said it did not buy shares of INA on the stock exchange during a recently closed purchase offer, but it did buy shares from private investors after the offer ended.
INA deals
It constitutes a business secret from whom and on what price MOL purchased INA shares after it made a buyout bid, Chairman-CEO Zsolt Hernádi told the AGM. MOL’s actions were always in compliance with the relevant regulations, he stressed. Meanwhile, trading in INA shares have been suspended again on the Zagreb Stock Exchange until 6 May.
MOL did not buy shares of INA on the stock exchange during a recently closed purchase offer, but it did buy shares from private investors after the offer ended, and it was the one who informed Croatia's market watchdog of speculative purchases of INA shares on the bourse, MOL said in a statement sent to local MTI Thursday.
MOL complied with Croatian financial market regulator HANFA's directive not to buy INA shares on the bourse after its public purchase offer ended, even though it disputed the directive, MOL said. MOL informed HANFA of the speculative purchases on the stock exchange because it goes against the interest of INA to allow speculative investors to test the strategic partnership between MOL and the Croatian government, it added.
MOL's purchase of INA shares from private investors after its purchase offer ended went against no regulations or agreements, formal or informal, the company said. None of the purchases brought MOL's holding in INA over the disclosure threshold, it added.
A Shareholders Agreement between MOL and the Croatian government lays down rights and obligations regardless of the size of the parties' stakes in INA.
HANFA suspended trade in INA shares at the end of March to allow time to identify foreign buyers of the company's shares. MOL firmly rejected speculation in the Croatian press that it was behind the purchases of INA shares under scrutiny by HANFA.
MOL made a public purchase offer for the 8% of INA shares in free float last December. MOL offered HRK 2,800 per share, the same as the price in a public purchase offer it made in the autumn of 2008. But other market players appeared to outbid MOL, pushing the share price over the offer. MOL raised its stake by just 0.1% in the offer.
MOL said on Thursday that any INA shares it has purchased have been bought out of its commitment to Croatia and to INA. MOL does not wish to change the obligations of INA's strategic partners with the purchases, it added.
HANFA suspended trade in shares of INA again on Thursday. The new suspension will last until May 6.
"On March 31 we asked Hungary's MOL to provide us with information regarding their acquisition of INA shares and a possible agreement with other parties in relation to acquisition of INA shares. We have got no response so far and assessed the new suspension was necessary," HANFA said in a statement, Reuters reported.
Interesting projects
Some projects surfaced in the region that arose MOL’s interest from an investment point of view, Hernádi said. These mean upstream and downstream opportunities, as well, but MOL does not wish to disclose further details. At this point we need to note that according to a report last month MOL is among those companies that are interested in buying a 53.2% stake in Poland's second-largest refinery Grupa Lotos SA.
MOL, however, sees a lot bigger potential in international upstream projects, for instance, in the Kurdistan Region of Iraq, but the company is seeking new E&P locations also in Russia.
Syria means a major exposure for INA and the company is doing everything it can to maintain safe operation there, Hernádi said. The gas field is important not only for MOL but also for Syria, he added, since it plays an important role in the country’s gas supply. For now the Chairman-CEO sees no reason why MOL should be seriously concerned.
Changes in the Board of Directors and the Supervisory Board
György Mosonyi, member of the Board of Directors has notified the Board of Directors in writing that he resigns from his position as member of the BoD effective as from 30 April 2011.
Mihály Kupa member of the Supervisory Board has notified the BoD in writing, that he resigns from his position as member of the Supervisory Board effective as from 30 April 2011.
The AGM approved to elect Oszkár Világi to be member of the BoD from May 1 2011 to April 30 2016. The AGM also approved Világi‘s position as member of the Board of Directors of SLOVNAFT, a.s.
The AGM elected György Mosonyi as member of the Supervisory Board from May 1 2011 to April 30 2016.
The AGM elected István Töröcskei as independent member of the Supervisory Board to be member of the Audit Committee effective as from 1 May 2011.
The AGM elected Sándor Puskás, as employee representative in the Supervisory Board of MOL Plc. from the date of the Annual General Meeting until 11 October 2012.
No dividend
The AGM approved to pay no dividend in 2011 connected to the year ended 31 December 2010 and the total net income shall increase retained earnings.
Charting is displayed using TradingView's technology, a platform, where you can build advanced charts,
spot upcoming trends in the stock screener, and find inspiration in multiple trading ideas
