Pelicourt inceased its share in Cub Energy
Cub Energy Inc. (“Cub” or the “Company”) (TSX-V: KUB) announced today that its largest shareholder, Pelicourt Limited (“Pelicourt”), has informed the Company it has acquired additional common shares of Cub on the open market. Cub’s Chairman and Chief Executive Officer, Mikhail Afendikov, owns a 31% of Pelicourt, and Cub’s Senior Advisor, Robert J. Bensh, owns a 7% interest in Pelicourt, and is Managing Director of Pelicourt.
Pelicourt currently owns 123.3 million common shares of Cub representing approximately 39.5% of the issued and outstanding common shares of the Company. Of the Pelicourt holdings, Mr. Afendikov controls 38.2 million common shares of Cub representing approximately 12.2% of the Company’s issued and outstanding common shares. Through his interest in Pelicourt, Mr. Bensh controls 8.6 million common shares of Cub, representing approximately 2.8% of the Company’s issued and outstanding common shares.
Pelicourt has advised Cub that it intends to acquire additional common shares for investment purposes. The common shares will be acquired through the facilities of the TSX Venture Exchange. Pelicourt has indicated that they will review their holdings from time to time and that they may increase or decrease their position as future circumstances may dictate.
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Time for real change: Ukraine crisis shows bankruptcy of “security-as-usual”
Poland’s proposal to reduce the EU’s energy dependence on Russia by collective buying of gas and maximising domestic production of coal shows a reactive, “security-as-usual” approach that is totally behind the times, writes Luca Bergamaschi of think tank E3G. According to Bergamaschi, the EU should instead improve its energy security by radically reforming its energy system, above all by improving energy efficiency. Studies show that Germany could cut its gas consumption by half in ten years if it wanted to – let alone a country like Ukraine, which is much more wasteful in use of gas. They also show that this provides tremendous business opportunities for companies in the EU.
The assistance programme for the Ukrainian gas sector
Ukraine is important to Russian geopolitics, and its main focus is on gas pipes that encircle Europe and connect Russia with the West like an umbilical cord. Wojciech Jakóbik, independent analyst at Jagiellonian Institute, developed some guidelines for Europe and a plan for Ukraine to decrease dependence on Russian energy supplies.
- Weekly analytical report: July 21 - 27, 2014
In this issue: - How are the sanctions against Russia broadened and what is their impact; - In which circumstances the gas negotiations between Russia and Ukraine are going to be renewed; - Why energy initiatives of the Ukrainian government faced criticism from both the MPs and experts; - How did war with terrorists influenced the energy sector of the South-Eastern Ukraine; - Why the hot water supply is being disrupted in some cities of Ukraine.