Vimpelcom sets date for AGM, may postpone again

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MOSCOW |
Fri Nov 9, 2012 8:04am EST

MOSCOW (Reuters) – Telecoms operator Vimpelcom (VIP.N) said on Friday its annual shareholder meeting will be held on December 21 provided that a Russian court lifts injunctions before the end of November.

The Moscow Arbitration Court in April imposed a ban on 2011 profit distribution by Vimpelcom’s Russian unit, prompting the New-York listed company to defer dividend payment and postpone its AGM till December.

The injunctions are part of a lawsuit filed earlier in the year by Russia’s Anti-Monopoly Service, contesting the dominant position of Norway’s Telenor (TEL.OL) in Vimpelcom, whose Russian unit is considered by the state a strategic asset.

“In light of the injunctions … the Supervisory Board has determined that if the injunctions are not lifted prior to November 27, 2012 it would be prudent to postpone the Shareholders Meeting,” Vimpelcom said in a statement.

Russian billionaire Mikhail Fridman’s Altimo increased its stake in Vimpelcom last month, overtaking Telenor and raising prospects for withdrawal of the anti-monopoly lawsuit. The court had set the date of November 27 for a hearing of the lawsuit. (Reporting by Maria Kiselyova; Editing by Megan Davies)

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