Rus News Journal

Revelation and attraction

Volumes and dynamics of the Russian market of merges and absorption in 2007 differently as record experts did not name. In December the defined deal of political forces, leading of corporate results of year and reporting closing under transactions have provoked information splash at the majority of the public companies.
in the magazine project “ Money “ on monitoring of insider transactions the information which have officially opened in December messages of 500 Russian emitters largest on capitalisation is used.

New faces
In 2008 experts expect decrease in volumes of transactions M &A in the international markets: and a consequence of global crisis of liquidity volumes of transaction can lower deficiency of money resources. So, during peak of crisis of liquidity in August, 2007, by estimations of participants of the market, the universal volume of merges and absorption has decreased on 32 %. During this period and the majority of the domestic companies planning attraction of means in the open markets, have postponed the given transactions till the best times. Nevertheless last months year of means could involve “ Uralkaly “ “ M.Video “ NMTP, group LSR and bank “ St.-Petersburg “.

Following the results of public placing dopemissii the actions, come to the end on November, 30th, bank “ St.-Petersburg “ could involve about $274 million Five shareholders of bank which are trustees and members of the supervisory board, and two shareholders-legal bodies have not used the right of priority of the repayment, having lowered shares of participation in a bank share capital. The Bank of New York, the bank - depozitary programs of placing global depozitarnyh receipts (GDR), became on December, 3rd the holder of 12,6 % of ordinary actions of Open Society “ Bank “ St.-Petersburg “ “.

Other emitter, group LSR, has informed on change in structure of shareholders on December, 12th in connection with registration of placing of an additional share issue. Following the results of placing a share of the shareholder “ Hiuki holding limited “ has increased about 0 % to 9,09 %, and shareholders Andrey Molchanov, Igor Levit and Michael Romanov have lowered shares of the participation in voting actions of a society.

we will remind that in November within the limits of IPO group LSR has involved $772 million, then the selling shareholder - “ Hiuki holding limited “ - has redeemed dopemissiju at the price of placing ($72,5 for the action). At a rate of $588 million group LSR will direct the involved means on realisation of various projects. According to the director for corporate communications and PR - Julia Sokolovoj`s groups, besides developer activity in St.-Petersburg and brick-works buildings, “ Building of one of the cement works largest in Russia " becomes one of projects where the involved means already go;. “ Group LSR has concluded the developmental contract of technology and delivery of the complete set of the equipment for cement manufacture with the Danish concern FLSmidth and Co A/ S. During 2008 - 2010 of the investment of group in realisation of this project will make about $600 million “ - Julia Sokolova has informed.

thus, group LSR can provide completely in the future own requirements for cement, essentially having lowered costs, participants of the market speak. In particular, for last year cement has risen in price almost in one and a half time. In January review Deutsche Bank has put the recommendation “ to buy “ GDR the emitter. The look-ahead cost GDR of group calculated by analysts Deutsche Bank, has made $19,5 for a piece while following the results of the auctions on January, 9th at the London stock exchange their price made $13,8 for a piece.

following the results of placing of additional issue of actions on the open subscription which come to the end on December, 7th and has made 14,8 % of the increased authorised capital stock “ RBC - information systems “ the company has involved nearby 4,58 mlrd the rbl., equivalent $187 million According to the company, 2,8 million actions have been sold to new investors, and about 17,9 million actions are placed among existing shareholders of RBC. In particular, in day of end of placing the chairman of board of directors of the company Herman Kaplun and the councillor of directors Alexander Morgulchik have lowered shares of the participation in voting actions from 10,59 % to 9,22 % and from 10,21 % to 8,9 % accordingly. Nevertheless, proceeding from the placing price (221 rbl. For one ordinary action), these shareholders have got share holdings more than on 124 million rbl.

the First transaction which has followed attraction of means by the company “ RBC - information systems “ there was an acquisition of Burg by it the bank capital where since December, 17th it has consistently increased a share of the participation about 0 % to 97,62 % of voting actions as the repayment of shares of former shareholders was paid by five tranches. According to the director for communications with investors of RBC of Natalia Makeevoj, “ the remained 2,38 % of actions belong to former minority owners of bank. New shareholders of bank have approved its renaming into RBC bank, and this decision is now on the statement in the Central Bank “.

As the newspaper " has informed; “ following the results of the transaction on the basis of bank the mass payment system which is analogue of one of the most popular systems the Internet - calculations in the world - PayPal will be created. According to the edition, the project is planned to start till the end of 2008 and to invest in it $5 - 10 million within one and a half years. From the moment of placing dopemissii shares of company to the beginning of 2008 have risen in price almost for 15 %. At the moment of delivery of number a consensus - the forecast of analysts under actions “ RBC - information systems “ made $11,5 (potential of growth of 5,4 %), the recommendation - “ to accumulate “.

Old acquaintances
Within all last year investors spent active buying up of power actives. Scale struggle for power has proceeded and in December.

so, on December, 28th the Russian Open Society “ UES of Russia “ has informed on decrease in the share of participation in actions “ Mosenergo “ from 36,17 % to 15,01 %. We will remind that the transaction on sale 21,16 - a percentage share holding “ Mosenergo “ to the government of Moscow has been approved by power holding board of directors in the end of November. Proceeding from the price of sale 6,5 rbl. For the action, 8,4 mlrd voting actions “ Mosenergo “ will manage to the government of Moscow in 54,6 mlrd rbl. Under the arrangement of the parties payment of this transaction should be made not later than January, 30th, 2009.

earlier the government of Moscow, on the contrary, planned to sell the share in “ Mosenergo “ (5,4 %) within the limits of the offer exposed “ Gazprom “ on acquisition of actions of the power company, however to do it did not become. Nevertheless direct control over “ Mosenergo “ the gas monopolist has received on December, 19th that follows from the message “ Mosenergo “ according to which “ Gazprom “ has increased a share of the participation in the power company by 3,6 % - from 49,9 % to 53,51 % of voting actions. Proceeding from market price at date of the transaction, 3,6 % of actions “ Mosenergo “ could manage “ to Gazprom “ in $348 million

on January, 10th, 2008 investment bank UBS has raised the recommendation about actions “ Mosenergo “ with “ to sell “ to “ to hold “ having left, nevertheless, the look-ahead price without change - $0,27 for a paper. According to base SPARK for January, 10th, a consensus - the forecast of the price of actions “ Mosenergo “ based on estimations of analysts of eight investment banks, made $0,26 for a piece, the recommendation - “ to hold “.

Open Society “ Kuzbassenergo “ on December, 19th has informed on placing end on an open subscription of additional issue of actions at a rate of 100 million pieces at the price of 75 rbl. for the action. According to the company, within the limits of realisation of the right of priority shareholders have got 6,32 % of actions of the increased authorised capital stock that is equivalent 44,61 % of all volume dopemissii. The Most part - 44,02 million pieces - has redeemed Open Society SUEK, having paid from above 3,3 mlrd rbl. Besides demand SUEK within the limits of placing 8 offers on acquisition over 55 million actions have been accepted. Following the results of dopemissii, according to the company, Open Society SUEK share in an authorised capital stock has made 44,02 %, the share of other shareholders has increased from 6,98 % to 13,92 %. A Russian Open Society share “ UES of Russia “ in “ Kuzbassenergo “ thus, according to the Russian Open Society, it was reduced from 49 % to 42,06 % that corresponds to reduction of a share of the shareholder “ Depozitarnye and corporate technologies “ about which it is told in the message “ Kuzbassenergo “ from December, 20th.

by results of this dopemissii analysts of YOKES “ Antanta the Capital “ have reconsidered the fair price of actions “ Kuzbassenergo “ having lowered it from $5,59 to $5,21 and having left the recommendation “ to buy “. Proceeding from given RTS about a stock value for January, 11th ($2,81 for a piece), the potential of growth of quotations is estimated by analysts “ Antanta the Capital “ In 85,4 %.

on December, 18th the Russian Open Society “ UES of Russia “ has opened the information on decrease in own share in company JUGK TGK capital - 8. We will remind that else in October company Gatecraft Limited representing interests of group IFD “ Kapital “ has won competition on purchase of a state share and dopemissii actions of JUGK TGK - 8 “ having offered for an active on a quarter above market cost (0,035 rbl. for the action). It was supposed that the sum of transaction will make 41 mlrd rbl., however it, most likely, will exceed planned level as one of the group companies still gets actions of JUGK TGK - 8 in the market.

the head of service of public relations FG “ IFD “ Kapital “ “ Elena Starostenkova has told: “ Minority shareholders have used the right of priority so IFD could get less than 25 % of the increased capital. This package already is on balance of group, and the state block of shares at a rate of 23,9 % will be transferred IFD after its payment which is planned to make in April, 2008. On termination of the transaction share holding Gatecraft Ltd will increase to 47,15 % “. According to Elena Starostenkovoj, “ at present one of the group companies has exposed the offer on acquisition of actions TGK - 8 in the market at the price of $0,035, the offer operates till January, 25th so while the size of the got package has not changed and will not change till January, 28th “.

While participants of the market bought up Russian Open Society “United Power Systems“ actives, a top - managers-shareholders of power holding got actions of the Russian Open Society. So, on December, 27th five trustees of the Russian Open Society “United Power Systems“ have increased the packages of ordinary actions of the Russian Open Society. At the moment of transactions market cost of the got share holdings has made about $60 million According to a deputy head a press - services of the Russian Open Society “United Power Systems“ of Tatyana Miljaevoj, “ Actions were redeemed by trustees in frameworks optsionnoj the programs given to the action were zadeponirovany under this program, and managers of the Russian Open Society since July, 2007 had the right to redeem actions within the limits of an option “.

For January, 10th a consensus - the forecast of analysts of 11 largest investment companies under ordinary actions of the Russian Open Society “ UES of Russia “ made $1,76818 for a piece at market cost at the moment of the previous closing of the auctions of $1,298. A consensus - the recommendation - “ to buy “.

In frameworks optsionnoj programs for management of other emitter - “ Gazprom “ - the company plans the repayment of actions in number of 1,7 million pieces on what it has notified the public on December, 28th. According to the message of the emitter, acquisition of actions will be carried out in time from February, 4th till March, 5th, 2008 inclusive through trading system of Joint-Stock Company “ Moscow Interbank Stock Exchange Stock exchange “. At the moment of delivery of number a consensus - the recommendation of analysts of ten investment houses for actions “ Gazprom “ was “ to buy “. A consensus - the forecast of the fair price of actions “ Gazprom “ made for January, 14th of $18,06 for a piece at market cost of $14,98 for a piece.

bewitched friends
From events of the last year, perhaps, the beginning of public section of business between shareholders GMK " most of all will be remembered; Norilsk nickel “ Michael Prokhorov and Vladimir Potanin. Planned as “ peace and equal in rights “ distribution of actives at present has already led to several claims in arbitration court of a city of Moscow. Under the first claim g - on Prokhorov the court has already accepted obespechitelnye measures, having forbidden a number of transactions on sale of actions of Open Society “ the Pole Gold “ and GMK “ Norilsk nickel “. Thus in December, even before proceeding, shareholder GMK “ Norilsk nickel “ Coverico Holdings Co Limited shareholder Jenington International Inc has lowered a share of participation in shares of company on 2,38 %, and. Has spent converting belonging to it ADR Open Society “ the Pole Gold “ having increased thereby a share of the voting shares of company by 2,4535 %.

investors from the conflict of recent partners, instead of from success of business of the enterprises How much can win, it is necessary to guess only, and here one more of intrigues of 2007 - to whom will get a blocking package “ Power machines “ - it was already resolved. In the end of November of the Russian Open Society “ UES of Russia “ has informed on end of negotiations on sale of a blocking share holding of the enterprise. The best offer on purchase of a package in volume of 25 % plus one action “ Power machines “ Company Highstat Ltd offer - the structure under control to the owner of the company " has been recognised; Severstal “ to Alexey Mordashovu. As appears from the Russian Open Society “United Power Systems“ reporting, this transaction has formally passed on December, 3rd and as a result the power holding has lowered the share of participation in voting actions “ Power machines “ from 25 % to 0 %. Settlement cost of one ordinary action at the transaction has exceeded market price of papers of the company of 25 %, cost of a blocking package of the unique manufacturer of principal views of the power equipment in Russia the market share cost " has made for Highstat Ltd $486 million At the moment of number delivery; Power machines “ ($0,203 for a piece) exceeded a consensus - the forecast of analysts of the investment companies ($0,2). The recommendation a consensus - the forecast - “ to accumulate “.