Rus News Journal

Minoritarijam Bashnefti it makes sense to refuse the offer

Open 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 2009. 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 2008. Till March 2009. 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 2009. 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 2009. 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 2005. 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.
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