PPF group secures 2.15% Uralkali stake
MOSCOW. Aug 13 (Interfax) - The Czech group PPF has secured ownership over a little more than 2% of the stock in fertilizer-maker OJSC Uralkali in a swap deal involving the IST group and Otkritie Financial Corporation.
Otkritie announced on Monday that it had exchanged 18,392,520 shares in Nomos Bank for Uralkali stock acquired from IST. In calculating the deal, the parties used a ratio of 3.44 Uralkali shares per a single Nomos share.
Based on that, PPF has gained 63,268,659 Uralkali shares, or 2.15% of the company's charter capital.
Uralkali's charter capital consists of 2,936,015,891 shares.
According to Uralkali, as of August 1 IST co-owner Alexander Nesis held a 12.81% stake in the company, including shares transferred via REPO. If Nesis' stake after the deal with PPF was reduced by 2.15% to 10.66%, but other Uralkali beneficiaries' stakes went unchanged, then he is now the company's third-largest shareholder after Suleiman Kerimov (18.09%) and Filaret Galchev (10.85%).
On the date of the swap, indicated by Otkritie as June 18, the price for the last deal with Uralkali GDR on the London Stock Exchange was $36.60 per receipt ($183 per share). Therefore, the stake PPF acquired was worth $463.1 million. The price for the last deal on August 10, when deal settlements were finalized, was $40.51 per share, meaning a stake worth $512.6 million.
According to Otkritie's press release, the purchase price of the Nomos Bank shares was 12,812,271,006 rubles, while the swap transaction costs amounted to 1,266,576,000 rubles, bringing the total transaction value to 14,078,847,006 rubles. The deal was settled at the close of business on August 10, 2012.
PPF confirmed information about the swap of 18,392,052 Nomos Bank shares for Uralkali stock during the day on Monday. According to PPF's statement, one Nomos Bank GDR was valued at $13.93 at the moment of the transaction. Based on the coefficient of 0.344 Uralkali GDR per 1 Nomos Bank GDR as indicated in Otkritie's press release, one Uralkali GDR should be worth $41.7. In such a case, the Nomos Bank stake sold was worth $512.4 million (one Nomos Bank share it worth 2 GDR).
As reported, PPF sold 26.53% of Nomos Bank's voting shares on Thursday. Otkritie purchased 19.9% of the stock, and the rest was bought by Polymetal co-owner Alexander Mamut and former Vice President of Altimo Oleg Malis (6.6%).
Uralkali and Nomos Bank stock demonstrated almost no reaction to the news in the first half of the day on Monday. As of 12:35 p.m. Moscow time, Uralkali's shares had edged up 0.7% on the MICEX Stock Exchange to 259.8 rubles each, and Nomos Bank stock had slipped 0.6% to 770 rubles each.