SPO shall be conducted by a part of the Treasury package. The main shareholder has no plans to reduce stake in the company, according to sources “Kommersant”. The size of the package that can be offered to investors, they do not reveal.
MOSCOW, 4 APR. The largest Russian gold mining company “Polyus Gold” in talks with Asian investors to sell some treasuries, according to the newspaper “Kommersant”.
Previously, the Board of Directors “the pole Gold” has approved the submission of an application to the Moscow stock exchange on the translation of the company’s shares in the quotation list of first level from the third. For this purpose the company must approve a plan to bring corporate governance in accordance with the rules of the exchange. The Board of Directors since the listing of the first level should include at least three independent members. Now on the Board of independent Directors no.
In addition, the exchange rules, if the capitalisation of the company exceeds 60 billion rubles, its free float for the listing of the first level should be not less than 10%, and “the pole Gold” with capitalization on April 1 733,7 billion in free float is less than 5% of the shares. Opportunities to increase the free float. The structures through said Kerimov-Polyus Gold International Limited (PGIL) now 63,72% of actions “the pole Gold”, and about 32% — on the balance sheet included in the LLC “Polyus-invest”. Treasury package was formed on March 11 during buy back: the securities were redeemed at the family Kerimov 243 billion rubles. Still to 1.55% of the shares until may 27 to submit to repurchase minority shareholders.
SPO shall be conducted by a part of the Treasury package. The main shareholder has no plans to reduce stake in the company, said the sources. The size of the package that can be offered to investors, they do not reveal. It will depend on the results of the parallel process for the sale of the share of Asian investors.
According to the edition, the translation in the list of the first level are necessary for the flow of funds NPF. Oleg Petropavlovsky from BKS believes that the interest in SPO “the pole Gold” investors can arise only when the discount to 20% to the price of buy back. In addition, the company increased debt due to the loan from Sberbank in the amount of 2.5 billion dollars to buy back. According to Peter and Paul, the interest of Asian companies “the pole Gold” rather financial, as the sale of a blocking stake in the largest gold mining company in the country “may raise questions on the government level”. But Asians will insist on a discount to the market, said the analyst.
Why Kerimov family is preparing to increase the free float “the pole Gold” after consolidated and parent DeleteMovie PGIL with the London stock exchange in late 2015, the interlocutors of the newspaper in the market do not explain. Earlier, analysts noted that the preservation of the company going public may need to lay the paper on REPO and to increase their attractiveness for new investors.