veb will separate grain from debtsAs it became known “ “ Foreign trade and investment bank (veb) carries on negotiations for occurrence in an agroholding share capital “ Clear up “ which finances. The state corporation can receive to 16,8 % of actions of holding after dopemissii actions in exchange for re-structuring of its debts. At capitalisation of $144,3 million debt “ Razguljaja “ exceeds $1 billion
that the Foreign trade and investment bank can redeem dopemissiju Open Society “ Group “ Clear up “ “ one of the largest Russian agroholdings, “ “ one of investment bankers has told. Rustem Mirgalimov, the chairman of board of directors “ Razguljaja “ has noticed only that negotiations about the repayment dopemissii are conducted not only about the WEB OHM. Representative veba Ekaterina Grishkovets has confirmed that the bank carries on negotiations for purchase dopemissii “ Razguljaja “. Parametres of the possible transaction of the party do not specify. “ Negotiations are in an initial stage “ - madam Grishkovets has explained.
“ Clear up “ informed on the decision to increase a company authorised capital stock on 20,2 % by placing of 31,9 million actions on an open subscription in October of last year, and on December, 1st the Federal Agency of the financial markets has registered it.
thus, the new shareholder can receive to 16,8 % of actions from the increased authorised capital stock. Proceeding from yesterday`s capitalisation of the company on the Moscow Interbank Stock Exchange - RTS dopemissija can cost about 843,6 million rbl. ($29,1 million at a Central Bank rate for today).
Group “ Clear up “ is engaged in grain processing (12 elevatorov, 7 flour-grinding enterprises, 3 krupjanyh factory); makes sugar (10 factories capacity of 4 million tons of a beet in year and 1,4 million tons of a raw in a year) and operates ground bank - 460 thousand in hectare. A gain in 2010 - 23,8 mlrd rbl. ($783 million), profit - 143 million rbl. ($4,7 million). Takes the tenth place in a rating of the largest agricultural manufacturers of Russia of the company “ Agrikonsalt “ for 2010. The largest shareholder - Avangard Asset Management Rustema Mirgalimova (29,9 %). Capitalisation yesterday on the Moscow Interbank Stock Exchange - RTS - 4,18 mlrd rbl. ($144,3 million).
“ Clear up “ excessively zakreditovan, therefore veb will enter into the capital of the company at the expense of write-off of a part of debts of group and re-structuring of a credit portfolio, tells a source familiar with negotiating process. A debt “ Razguljaja “ before the WEB OHM now makes nearby 19 mlrd rbl., have specified in bank. The delayed debts thus are not present. The general debt of the company on the end of 2011, according to sources “ “ made 30 - 31 mlrd rbl. (about $1 mlrd). Itself “ Clear up “ did not publish any financial indicators for 2011. Some banks even refuse to make recommendations about group actions: For example, the Alpha bank last week has informed on the analysis termination “ Razguljaja “ from - for “ low liquidity of actions of this company and a poor visibility of forecasts of its financial indicators “.
a high duty Problem “ Clear up “ solves from the crisis beginning: in March 2009 - go the company has admitted a default under bonds on 8 mlrd rbl. but then with creditors it was possible to agree. In May, 2010 the founder of the company Igor Potapenko has conceded 21,4 % of actions to fund Avangard Asset Management, having lost control over the company. A year later Avangard has bought in addition actions, becoming the largest shareholder “ Razguljaja “. Since then the company debt essentially did not decrease.
if veb will redeem all registered dopemissiju, it becomes the second-large shareholder of the company after Avangard. Share Avangard Asset Management will be reduced from 29,9 % to 24,8 %; the share of mister Potapenko will be washed away from 17,7 % to 14,7 %; free float it will be reduced from 38,9 % to 32,4 %. The remained 13,4 % belong to another minoritarijam, including to investment fund Altima Partners.
Director Prosperity Capital Management (took shares “ Razguljaja “ from a stock exchange) Alexey Krivoshapko specifies that veb in case of occurrence in the capital will receive a place in board of directors “ Razguljaja “ also can supervise its actions, for example, to watch, that actives were not deduced from the company. He notices that veb, other creditors (one of them - National reserve bank) are not interested in bankruptcy of the company - within the limits of this procedure they risk to lose not less than 70 % of a debt. “ if the company stably works, eat chance to repay a debt completely “ - mister Krivoshapko is assured. High debt loading has almost depreciated the company, it reminds. From the crisis beginning its capitalisation has fallen approximately six times: in July, 2008 one action “ Razguljaja “ Cost on the Moscow Interbank Stock Exchange 214 rbl. ($9,1 at the rate for July 2008 - go), and capitalisation reached 22,5 mlrd rbl. ($957 million).