The President and principal shareholder of the group of companies ” PIK ” Sergey Gordeyev agreed to repurchase the shares at the PEAK of the other major shareholders of the company of Alexander Mamut and Mikhail Shishkhanov. This is stated in the message received by RBC.
After the deal closes and completes mandatory procedures on it, Gordeev will become the controlling shareholder with 50,02% of the shares of PIK group, stated in the release. The organizer of the deals is “VTB Capital”, the price of one ordinary share was set at RUB 280,0 (as of 11:30 GMT 5 Jul stock PIK traded on the Moscow exchange on 303,8 RUB over the paper). Estimated closing time of all trades — the beginning of the third quarter of 2017.
According to information on the website of the group PEAK Sergey Gordeev owns a 29.9% stake in the company Alexander Mamut — 16%, and Mikail Shishkhanov and 9.8% of the shares. Another 36.7 per cent of the shares of the group companies is in free float, and 7.6 percent are quasiconcave shares (in the ownership of the Issuer).
Gordeev has already been approved by the Federal Antimonopoly service (FAS) to consolidate up to 100% of the shares of PIK, said in a statement. Now the main shareholder is obliged to send buyout offer to minority shareholders, however, this action “is of a technical nature” and “is not an indicator of a change in the company’s strategy in capital markets,” explains RUSH.
At the same time a release from the company States that VTB as a portfolio investor will buy a 7.6% PIK, that is, all quasiconcave shares of the company. In a press-service “VTB the Capital” have informed RBC that this transaction is considered a financial institution as a portfolio investment “with high value growth potential in the short term”. The Bank is considering the sale of the package at the PEAK from the SPO of the company, which “is planned in the medium term”. One of the organizers of the secondary location will be the “VTB Capital”.
As explained RBC Advisor to the President of PIK group Alexander Dolzhich, carrying out SPO is planned in the medium term horizon of up to three years “under favorable conditions in the market” on the Moscow stock exchange. According to the interlocutor of RBC, the “controlling shareholder confirms the policy of maintaining the publicity of the company and considering consolidation as an important phase of its development in this status”. “Under the new strategy at the capital markets aimed at increasing the liquidity of shares and increasing shareholder value,” he said.
Secondary offerings PEAK can occur before the end of the year, says senior analyst at BCS Global Markets Marat Ibragimov. About the upcoming SPO of the company indirectly States, in particular, the recently announced new dividend policy, the analyst believes. “GK “PEAK” has all the chances for a successful placement — in light of the improving macroeconomic situation, it has increased its share in the housing market and demonstrates good financial indicators, and the value of its shares continues to grow,” concluded a senior analyst at BCS Global Markets.
Reorganization of structure of shareholders will not entail changes in the management of GK “PEAK” which intends to save such number of independent Directors on the Board of the company, according to a release PEAK.
PIK group is the largest developer of housing in Russia. This status was given to it after December 2016 bought Gordeeva group “Morton” over RUB 11.7 billion he acquired Morton in September of the same year, Alexander Ruchyev and other shareholders of the company. According to the company the amount of its production capacity by the end of 2017 should amount to 1.5 million square meters of housing.