Evraz owner Lanebrook converts warrants into shares
MOSCOW. Jan 27 (Interfax) - Lanebrook Limited, the company through which Roman Abramovich and his business partners hold their stake in Evraz plc, has decided to exercise its right to convert warrants into ordinary shares in the holding.
Lanebrook plans to convert 33,944,928 warrants into the same number of shares.
Evraz has also applied with the LSE and FSA to list the shares. Evraz expects the shares will be available for trading from January 28.
The warrants were issued when Evraz purchased a 50% stake in Corber Enterprises Limited, the main shareholder in Raspadskaya , which was owned 50-50 by Evraz and Raspadskaya's management. After that deal was closed, Evraz acquired indirect ownership of 82% of Raspadskaya. The sellers were Raspadskaya CEO Gennady Kozovoi and board member Alexander Vagin via Adroliv Investments Limited.
The purchase was to be paid up with an issue of 132.7 million new shares, warrants and a cash consideration of $202 million, paid in equal tranches in the first, second and third quarters of 2013 and the first quarter of 2014.
Evraz is a major vertically integrated metallurgical and mining company with assets in Russia, the United States, Italy, Czech Republic, Republic of South Africa, and Ukraine.
Evraz shareholder capital consists of 1,472,582,366 ordinary shares, each with par value of $1.
According to information on Evraz's website, Lanebrook, which is controlled by Abramovich, Alexander Abramov, Alexander Frolov and Yevgeny Shvidler, owns 63.46% of the holding. Structures affiliated with Lanebrook have another 2.91% of Evraz shares.
Abramovich is currently the beneficiary of 30.99% of Evraz shares, Abramov - 21.55%, Frolov - 10.76% and Shvidler - 3.07%.
Kozovoi via Kadre Enterprises Ltd is the owner of 5.69% of Evraz shares and Vagin has 5.63% via Verocchio Enterprises Ltd.
Following conversion of the warrants, Lanebrook's stake will rise to 64.3%, while the stakes controlled by Kozovoi and Vagin will decline to 5.6% and 5.5% respectively.
