Price of 3.70 Hong Kong dollars ($0,48) per share UC Rusal assumes a 10% discount to the closing price of the Hong Kong stock exchange on Monday (4,09 Hong Kong dollar). The placement was set this price as a minimum within the framework of acceptance of orders from investors Monday, according to two banking source. A representative of ONEXIM declined to comment.
ONEXIM Monday began an accelerated bookbuilding for the sale of not less than 2.5% in UC Rusal (now owns a total of 17.02%) on the stock exchanges of Hong Kong and Moscow, Bloomberg reported, citing sources. This is confirmed by the materials that the group sent out on Monday, February 13, potential investors (a copy is in).
The bid book, which opened at 12:30 GMT, initially expected to close by 19:00 GMT. Now the time of closing of the order book extended hours until 20:00 GMT. At the end of trading on Monday (on the Hong Kong stock exchange trading ended at 11:00 GMT) 2.5% of UC Rusal was worth $200 million But, as followed from the documents, the volume of supply could be increased.
Given a 10% discount, ONEXIM could raise $180 million, if you will place a 2.5% lower price at the border of 3.70 Hong Kong dollars.
Before it became known about the preparation of ONEXIM placing part of its stake in UC Rusal, on Thursday, February 9, the agencies Bloomberg and Reuters reported that UC Rusal has decided to issue new shares and sell 20% of its shares on the London stock exchange. It would have washed away not only the largest shareholder of the company En+ Oleg Deripaska, but the main minority shareholder — ONEXIM, Sual Partners and Glencore. One source close to shareholders Rusal, has questioned this idea, calling the news of the placement of UC Rusal in London, “duck”. UC Rusal itself the next day announced that its Board of Directors has not yet reviewed and discussed the SPO in London.
Since Thursday when he first reported about the plans of the aluminum company to spend dopemissiju and place on the stock exchange 20% of shares on Monday, the capitalization of UC Rusal on the Hong Kong stock exchange decreased by 4.2%, or $310 million, at the end of trading Monday, February 13, the company was worth $8.06 bn. Package ONEKSIM (of 17.02%) during this time fell by $50 million to $1.37 billion.