Corber to offer 7.3 bln rubles worth of stock in Raspadskaya buyback
MOSCOW. Feb 27 (Interfax) - Corber Enterprises Ltd., a key shareholder in Russian coal outfit OJSC Raspadskaya , will sell 48,351,712 shares for 7,252,756,800 rubles in the company's buyback, a Raspadskaya statement says.
A contract was concluded February 24 that obligates the seller to take the steps necessary to effect the stock transfer not later than March 31, the statement says.
As reported, 1,008,652,121 Raspadskaya shares have been offered for buyback with a buyback ratio of 7.7%. Judging from the size of company charter capital, the sell offers top capital by 29.2%.
Raspadskaya announced last year the buyback of 10% of its stock (78,079,980 shares) at 150 rubles per for a total of roughly 11.7 billion rubles. Interfax sources in financial sources said yesterday that many investors had inflated their bids in an attempt to secure a high satisfaction ratio and the overall amount of bids tendered could top the 100% mark.
Until the buyback, Corber controlled 80% of Raspadskaya (the remaining stock was in free circulation), the charter capital of which is split into 780,799,809 shares. Based on the buyback ratio, the company offered more 624.616 million shares, or its entire stake. Raspadskaya management said the distribution of the shareholder stakes in the company after the buyback will be determined after the deal is completed March 31.
Corber's beneficiaries on parity beginnings are Raspadskaya management led by Gennady Kozov and chairman of the board of directors Alexander Vagin, and the Russian steel major Evraz Group.
Since 2011, the company's main owners have sought a buyer for the stake, but in the fall it was announced that talks were being shelved for a year to eighteen months. Last August, Raspadskaya confirmed dividends for the first half of 5 rubles per share, meaning a total payout of 3.9 billion rubles (over $120 million) against net profits to International Financial Reporting Standards (IFRS) of $99 million for the period.
Raspadskaya mines coking coal at the eponymous mine, Russia's biggest. The Raspadskaya group also includes the MUK-96 deep mine, Raspadskaya pit mine, the Raspadskaya-Koksovaya mine now under construction, a coal preparation plant and infrastructure enterprises. The company's flagship mine was rocked by several explosions in May 2010 that killed 91 people. The company resumed production in some sections of the mine unaffected by the blasts, but isolated areas of the seam hit by the explosions were still smoldering not long ago.