Minoritarijam “ Bashnefti “ it makes sense to refuse the offerOpen Society “ AFK “ System “ has directed to Federal Agency of the financial markets (FSFR) the public offer - the obligatory offer to minority shareholders of Open Society “ the Joint-stock oil company “ Bashneft “ about acquisition of ordinary registered stocks of the company belonging to them, have informed in a press - service “ Systems “. The corporation became the owner of a controlling stock “ Bashnefti “ in April 2009ã. And according to the federal law “ About joint-stock companies “ is obliged to offer other shareholders - to owners of ordinary registered stocks of the company to redeem securities belonging to them.
the senior vice-president AFK “ System “ Alexander Korsik has underlined that the offer will help to understand how further to build relations with minority shareholders. By results of the repayment of papers it will be clear, package AFK " will be how much increased; System “ in “ Bashnefti “. At the same time A.Korsik has not informed the price of actions on which the company plans them to buy, having noticed that too high cost will not suit the company.
AFK “ System “ also has confirmed that “ Bashneft “ becomes the centre of profit Bashkir TEKa. All administrative functions will be transferred “ Bashnefti “ besides it on its base Open Company " will be created; Bashneft - extraction “ which will incur functions of extraction of raw materials. In the further plans “ Systems “ the variant of consolidation of all actives Bashkir TEKa and their transfer into the uniform action enters. A.Korsik has explained that it is a question not the near future as now still there is a reorganisation of actives of this business - units which will last some time. It is necessary to make many various legal steps, he has added.
answering a question on possibility of public placing of actions of enterprises TeKa, A.Korsik has told that in the near future hardly it is necessary to expect them IPO. To this question it will be possible to return after end of reorganisation business - units TEKa and improvements of external market conditions.
in general AFK “ System “ should propose about the repayment of actions minoritariev “ Bashnefti “ in May of current year but then there were complexities with reception of a bank guarantee. According to the Russian legislation, the price of the repayment of actions at minority shareholders should not be below the price which has been paid at purchase of the basic package or below the average price of actions six months prior to an offer direction in FSFR. In the spring possible expenses under the offer in “ to System “ estimated in 500 million dollars However now expenses should appear above in view of considerable growth of quotations “ Bashnefti “ for the last half a year. Besides, if AFK will intend to consolidate all of 100 % “ Bashnefti “ she should be offered the award to the market. It is connected by that the number of minority shareholders of the oil company includes such strategic investors, as fund Prosperity Capital Management (consolidated about 10 %) and Incorporated oil group (more than 2 %) with which the offer of the price below market quotations hardly will arrange. In this case expenses AFK on the offer can increase to 800 - 900 million dollars that will call into question expediency of such offer.
by calculations of analysts FK “ Uralsib “ the average market price “ Bashnefti “ during the period since October 2008ã. Till March 2009ã. The action that assumes discount in 63 % to current market price made only 5,02 dollars/. All actives Bashkir TEKa “ System “ has bought for 2 mlrd the dollars, separate cost “ Bashnefti “ has not been published. Accordingly, to define the final price of the repayment of minority shares “ Bashnefti “ now it is impossible, but it is quite possible that it will appear below market. It is necessary to consider also that minoritarii are not obliged to accept the offer “ Systems “ about the repayment. As a whole experts welcome undertaken “ System “ steps on transfer of administrative functions “ Bashnefti “ and, accordingly, optimisation business - structures Bashkir TEKa.
By calculations of analysts IK “ the Three Dialogue “ the average price of papers “ Bashnefti “ for six months the action (about 9,9 dollars/ the action) makes about 307 rbl./ that assumes discount at the rate about 27 % to the price of last transaction in RTS (13,5 dollars/ the action for September, 16th). Taking into account this data and an assumption that the price of the offer on the repayment will be equal to the average price for six months and all shareholders will agree on the offer, AFK “ System “ it is required about 157 million dollars
Considering considerable growth of quotations of the companies Bashkir TEKa from the moment of acquisition of their actions “ System “ interesting possibilities of acquisition of these papers for the purpose of sale under the offer an analyst of Gazprombank Ivan Hromushin does not see. In more remote prospect (0,5 - 2 years) interest, according to the expert, can represent preference shares of an oil complex of Bashkiria, in particular papers “ Bashnefti “ bargaining with discount more than 50 % to the ordinary. The offer on them is not exposed, however “ Bashneft “ Will be the centre of profit formed on the basis of actives Bashkir TEKa the oil company, in this connection (along with necessity of redistribution of a part of a monetary stream in favour of AFK “ System “) Preference shares “ Bashnefti “ will bring high dividends. Already following the results of 2009ã. The expert expects dividendnuju profitableness on them at level more than 10 %. I.Hromushin predicts in process of approach of terms of consolidation of actives Bashkir TEKa reduction of the size of discount of preference shares of the companies to ordinary from 50 % flowing more to 10 - 20 %. Besides, it is possible to pay attention and on preference shares Bashkir NPZ - while translating the companies on the uniform action it will be difficult to appraisers to prove discount of preference shares at level above 15 - 20 % to ordinary, the expert has added.
AFK “ System “ in April 2009ã. The Company has finished the transaction on acquisition of controlling interests of six oil enterprises of Bashkiria for 2 mlrd dollars has bought from Open Company “ Agidel - Invest “ “ Ural Mountains - Invest “ “ Inzer - Invest “ and “ JUrjuzan - Invest “ Open Society controlling stocks “ ANK “ Bashneft “ “ Ufaneftehim “ “ novojl “ “ Ufaorgsintez “ “ Ufa NPZ “ and “ Bashkirnefteprodukt “. With 2005ã. AFK owned through Open Society “ System - Invest “ minority share holdings of the companies Bashkir TEKa. Taking into account already available actions the corporation has received 76,52 % of an authorised capital stock of Open Society “ ANK “ Bashneft “ 65,78 % “ Ufaneftehima “ 87,23 % of Open Society “ novojl “ 73,02 % of Open Society “ Ufaorgsintez “ 78,49 % of Open Society “ Ufa NPZ “ 73,33 % of Open Society “ Bashkirnefteprodukt “. “ System “ Declared that intend to develop the got actives independently and plans to create on the basis of the enterprises Bashkir TEKa vertically integrated complex including all links of a technological chain - from extraction to roznitsy, thus the emphasis will become for processing and petrochemistry.