RGI minority shareholders offer 28.8% shares to Globex
RUSSIA. Feb 25 (Interfax) - Minority shareholders of development company R.G.I. International (RGI) are willing to sell 28.8% of their shares on an offer from Direct Finance, an SPV company for Globex Bank.
The offer was open from February 1 to 22, Direct Finance said in a press release.
The price of the offer is $2.1 per share, which puts the value of the company at $339.75 million.
Direct Finance will buy $99 million (47.17 million) worth of shares. Globex and its partners (AMG and Synergy Classic Ltd.) will see their stake in RGI increase to 92.39%. They currently own 63.58%.
RGI top managers - Financial Director Alan Hibbert and Tsvetnoy Shopping Center CEO Joram Evan took part in the offer, selling 600,000 shares for $1.26 million each, the developer said.
Globex, which is controlled by Vnesheconombank (VEB) and former head of the real estate investment division of Morgan Stanley in Russia Maxim Sterlyagov (controls AMG) acquired 40.22% of RGI. They paid $137 million, or $2.1 per share.
The shares were purchased from D.E.S. Commercial Holdings Ltd., which is 90% owned by the founder and president of RGI, Boris Kuzinets. The other 10% of D.E.S. is owned by the developer's board chairman, Yakob Kreisler.
Direct Finance, which belongs to Globex controlled fund Basis, bought 22.87% of RGI and AMG - 17.35%.
Globex also owns the rights to a security for 22.26% of RGI, owned by Synergy Classic Ltd. Businessman Petr Shura. Globex, Synergy and AMG together own 63.58% of RGI.
Synergy and Sutton Holdings Ltd., which owns 2.26% of RGI, said earlier that they would not take up the Direct Finance offer.
According to RGI's website, "the Company has its roots in the transformation of Ostozhenka from a previously unattractive part of the city into central Moscow's 'Golden Mile,' one of the most sought after areas of Russia's capital." RGI also owns the 'V Lesu' residential real estate project in the Moscow suburb of Krasnogorsk, as well as the Tsvetnoy retail center in Moscow. As of June 30, 2012, the estimated value of RGI's asset portfolio was $708.6 million.
During its IPO on the AIM of the London Stock Exchange in December 2006, RGI sold 31.5% of its shares and raised $192 million.