Rus News Journal

Auditors have underestimated “ Mosenergo “

on the eve of its reforming
corporate governance

preliminary results of an estimation of Open Society " became known; Mosenergo “ spent company Ernst and Young. Actions “ Mosenergo “ are estimated in $0,05 for a piece. It does not arrange minoritariev, general director Arcady Evstafeva who intends to suggest to rise the price of the repayment to $0,07. Promulgation of estimation Ernst and Young can lead to sharp dump of papers “ Mosenergo “. However, in any degree it is favourable most “ Mosenergo “ which on the eve of reforming assumes to redeem to 10 % of actions on floor price.
by data, among principal shareholders “ Mosenergo “ - the Russian Open Society “United Power Systems“ (50,9 %), structures “ Gazprom “ (16 %), the government of Moscow and Bank of Moscow (8 %), managers “ Mosenergo “ (5 %), Guta - bank (4 %). In the form of ADR 9 more % address.
According to the reform plan the largest in the joint-stock company country - energo should be divided into 14 companies. On division owners not less than 75 % of voting actions (term of meeting of shareholders will appoint board of directors on March, 4th) should accept the decision on the procedure beginning. Prior to the beginning of voting by reforming managers “ Mosenergo “ were going to redeem for balance of the company to 10 % of actions for decrease in risks on reform blocking.
as has informed a source close to “ Mosenergo “ on February, 19th at the closed meeting with participation of a management and several councillors of directors “ Mosenergo “ preliminary report Ernst and Young in which the redemption stock value has been defined in $0,05 for a piece has been considered. Auditors Akop Sarkisyan and Edgars Ragels were engaged in report preparation. Representative Ernst and Young Alexander Ivlev has confirmed the fact of preparation of the report, but did not begin to make comments on the price of actions specified in it and has specified that work will be continued till the end of February. The first zamgendirektora “ Mosenergo “ Dmitry Vasilev also has refused comments.
the general director “ Mosenergo “ Arcady Evstafev, according to a source, has disagreed with an estimation of auditors and intends to suggest to rise to board of directors the price of the repayment to $0,07 for the action (now quotations make $0,0834). With this price, according to a source, the majority of participants of meeting has agreed. Probably that, having familiarised with results of estimation Ernst and Young, with it will agree and minoritarii.
Earlier mister Vasilev declared to journalists that “ Mosenergo “ is ready to spend for the repayment of 10 % of papers of the company of $200 - 300 million This money it was planned to involve on credit or to receive from sale of not profile actives. However, the representative of the minority shareholder “ Mosenergo “ IBG “ NIKojl “ Anatoly Chabak named sources of the repayment of actions not guaranteed. “ at the company and so money is not present. If the company net profit for 2003 has made all $30 million where the management takes $200 million? “ - he is perplexed.
the councillor of directors “ Mosenergo “ the operating director of department investitsionno - bank services IK “ the Renaissance the Capital “ Hotson Tornber considers that “ Mosenergo “ in the present state of affairs should refuse the repayment of actions, as “ this inefficient expenditure of money which are not a pressing need for the company “. If the question is taken out on voting of councillors, mister Tornber will vote against, as necessary to start reforming “ Mosenergo “ the poll will be typed at meeting and without the repayment of actions. The head a press - services “ Gazprom “ Igor Volobuyev has refused to make comments on strategy of the gas company concerning power actives.
it is improbable that “ Mosenergo “ it is interested in share decrease “ Gazprom “ in a power company authorised capital stock. But, that reform has taken place, it is necessary, that “ Gazprom “ it has supported. It is necessary to convince only “ Gazprom “ in that it has supported division “ Mosenergo “ also did not sell papers belonging to it. By the way, Arcady Evstafev, according to some information, has already sent the report in Ernst and Young on completion so that it has finished the estimation of cost of papers of the power company to comprehensible level of $0,07 for the action.