LUKOIL has faced with “ Prosperity “
to the Oil giant have thrown down a challenge
Yesterday a management company (UK) Prosperity Capital Management has proposed to minoritarijam Open Society “ RITEK “ one of the most perspective “ daughters “ LUKOIL to redeem not less than 12 % of its actions. According to analysts, in case of success UK can become the owner of block share holding RITEKa and upset plans on its consolidation with the parent company. Itself Prosperity does not open, whether is it shareholder RITEKa. LUKOIL has considered that actions Prosperity and the company connected with it “ Prosperity of Holdingz Limited “ cause a damage of its business reputation that gives to its the grounds to address in court.
an intrigue round joining by LUKOIL RiTeKa (as a part of which shareholders Vahid Alakbarov was no time and others the top - managers of LUKOIL) lasts some years. However while official proposal to shareholders of the company did not arrive. At the same time participants of the market considered that LUKOIL will offer minoritarijam not the most favourable conditions on the repayment or an exchange of their actions.
Minoritarii have decided to spend counterattack. Yesterday UK Management has opposed planned reorganisation RITEKa by increase in its authorised capital stock for joining to it Open Society “ Nazymgeodobycha “ (NGD) which LUKOIL has got in May of this year at American Marathon Oil together with its other Russian actives. Connected with UK the Cyprian company “ Prosperity of Holdingz Limited “ was obliged to redeem actions RITEKa at the price of 12 dollars for a piece.
thus it has put forward a number of conditions: for participation in the offer shareholders RITEKa should be registered in the register of shareholders for November, 2nd, 2006 and vote against the offer on modification of the charter at extraordinary general meeting on December, 8th. Besides, they should vote against reorganisation RITEKa and increase in its authorised capital stock at extraordinary meeting on December, 22nd or to give out the power of attorney on voting by this points in question to the authorised representative specified UK. It is remarkable that Prosperity has reserved the right to itself not to take the shares offered within the limits of the offer if their total makes less than 12 % from total amount. The offer operates till November, 28th.
analysts consider that the price offered UK, is close to the fair. So, Konstantin Tcherepanov from Rye, Man and Gor Securities estimates action RITEK in 11,23 dollars In its opinion, UK can consolidate a large package as expects growth of capitalisation RITEKa after joining to it of other actives Marathon Oil.
Offer Prosperity Capital has caused indignation of LUKOIL. “ the company “ Prosperity of Holdingz Limited “ Actually does not incur any obligations to shareholders as lays down obviously impracticable conditions. In other words, there are no guarantees that if this or that shareholder will vote according to this offer, the company “ Prosperity of Holdingz Limited “ will redeem at it actions “ - it is told in LUKOIL message.
in LUKOIL have declared that Prosperity “ uses unacceptable in civilised practice of corporate behaviour methods of consolidation of voices of shareholders “. Thus in the company statement it is told that the today`s conference organised UK and devoted to the repayment of actions, misleads minority shareholders RITEKa and the damage of business reputation of LUKOIL that gives to its the grounds to address in court causes. Ivan Mazalov operating fund Prosperity Capital Management has refused comments concerning the offer to a press - conferences.
The Press - secretary RITEKa Maria Slavkina has informed daily that “ minoritarii have the right to state the position “. The chief of department of relations with investors of LUKOIL Gennady Krasovsky has noticed daily that issue of actions occurs for attraction of means to pay them new actives, “ in particular NGD “. “ Payment will occur actions. At the expense of a new active cost RITEKa in the future will increase “ - - he has added.
participants of the market say that Prosperity the offer tries not to admit positive for LUKOIL of results of voting of shareholders RITEKa concerning joining to it NGD. “ Some minoritarii are dissatisfied dopemissiej as their share will be washed essentially away “ - considers Nadezhda Kazakova from MDM - Bank. We will notice that parametres dopemissii RITEK yet did not open, interrogated daily analysts have found it difficult to estimate its volume. Thus experts specify that the way of achievement of the purpose, elite Prosperity, is used for the first time in the Russian practice.
G - zha Kazakova has noticed that UK insists on the repayment not less than 12 % of actions RITEKa as, probably, has already agreed with investors about the repayment of 13 more %. “ At reception of 25 % of actions Prosperity becomes the blocking shareholder and can stop dopemissiju “ - the analyst speaks. In this case, as she said, LUKOIL should agree with Prosperity “ in a special order “ and process of consolidation will be considerably tightened.
RITEK owns licences for 25 deposits in Jamalo - Nenets and Hunts - Mansijsky joint-stock company and in Republic Tatarstan. Total taken stocks make 188 million t oil and more than 2 mlrd cubic m of natural gas. Oil recovery RITEKa following the results of 2005 has increased by 6 % in comparison with 2004 and has made 2,6 million t. Net profit RITEKa on RSBU in the first half of the year 2006 has grown on 33,35 % in comparison with the similar period 2005 - go - to 2 mlrd rbl. of 38,61 % of actions RITEKa belong to LUKOIL, 25,18 % - Open Company “ LUKOIL - Western Siberia “ physical persons own 3,46 % of actions. Nominal owners - Citybank (15,4 %), Depozitarno - the clearing company (11,09 %), National depozitarnyj the centre (2,29 %), Open Company “ SDK “ the Guarantor “ (1,74 %), other legal bodies own 2,23 %.