Rus News Journal

To shareholders “ Irkuta “ have offered the favourable offer

Board of directors “ Incorporated aviabuilding corporation “ (OAK) has approved the contract on granting by the Savings Bank of the credit of the company for offer execution on acquisition of actions “ Irkuta “. Such procedure is necessary for occurrence “ Irkuta “ in structure in OAK. According to the offer the Savings Bank will give a guarantee for the sum 14 mlrd rbl., and actions at minoritariev will be redeemed at the price of 29,19 rbl. for a piece. According to branch experts, now quotations “ Irkuta “ on 14 % below the repayment price so, all shareholders, most likely, will use the offer. The offer on the repayment of actions “ Irkuta “ within the limits of its occurrence in OAK it will be supported by a bank guarantee for the sum 14 mlrd rbl. As have informed in the company, the decision on it was accepted by board of directors OAK. The contract on granting of a bank guarantee by the Savings Bank still should be considered to shareholders “ Incorporated aviabuilding corporation “ at extraordinary meeting on June, 29th. About when the offer will be declared, in the company have not specified.
we will remind that “ Irkut “ before occurrence in OAK has been estimated in $940 million Taking into account it in the end of the past and the beginning of this year the basic shareholders “ Irkuta “ including management, have transferred OAK 38,22 % of shares of company. 11,89 more % of actions “ Irkuta “ have appeared on balance OAK after into corporation has entered “ Aviation holding company “Dry“ “ were the shareholder “ Irkuta “. After transfer of these actives “ Incorporated aviabuilding corporation “ began to own 50,09 % of actions “ Irkuta “ and at OAK under the law there was a duty under the repayment of other it of 49,9 % of actions at minoritariev. The offer has been declared in the end of January on condition that actions will be redeemed at the price of 29,19 rbl. (approximately $1,1) for a piece. For a basis of such estimation of actions was their average price at the Russian stock exchange is taken from July, 30th, till January, 29th, 2007. In February OAK has sent the offer on registration in Federal Agency of the financial markets (FSFR), however department has returned the document - the corporation has not accompanied the offers under the repayment a bank guarantee.
an analyst of Irkutsk branch IK “ Brokerkreditservis “ Alexander Voronov has explained „“ that now actions “ Irkuta “ 24,3 rbl. keep at level: “ company Papers, as a matter of fact, have staid on one at level in 24-26 rbl. the last half a year. For example, now foreigners “leave“ the Russian papers, the market falls, and “Irkut“ all the same is at a stop. So I do not think that the course of these actions will seriously change in the near future “. Thus, according to analysts, the price of the repayment of actions under the offer “ Irkuta “ now much more favourably that that was established in the open market. In this connection the analyst assumes that minoritarii will prefer to sell the actions under the offer, rather than to become shareholders OAK. However, expert IK “ finam “ Michael Pak has reminded that market price of actions “ Irkuta “ nevertheless below the fair: “ We consider that annual target on these papers at level 35 rbl.„ Irkut “- one of the most profitable open enterprises of branch with a portfolio of orders more than in $5 mlrd “. In this connection there is a probability that minoritarii “ will adhere “ the actions before they will be converted in action OAK. However earlier experts IK “ finam “ explained that “ converting factors can appear unattractive“Irkuta“for shareholders “. “ to Hold securities of the company for converting in action OAK we recommend only to those investors who are interested in investments for two years and more “ - the analyst " has explained; finama “.
Alexey Kopylov, Irkutsk