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. Last Updated: 07/27/2016

UES Won't Meet

MOSCOW -- The board of directors of Unified Energy Systems decided Friday not to hold an extraordinary shareholders meeting proposed earlier by a group of minority shareholders.

Deputy board chairman Alexei Kudrin said the minority shareholders were unable to gather enough votes to call the meeting.

A minimum 10 percent of shareholders is required to call a meeting, but only 6 percent of the shareholders submitted such a request.

Earlier, UES officials said 18 percent of shareholders had requested the meeting, but later the Brunswick Russian Growth Fund said it had made a mistake in the application form, identifying itself as a holder of 12 percent of shares instead of 0.12 percent.