Globaltrans to buy up to 2.3% of shares from CEO, board chairman for $11.87 a share
MOSCOW. Dec 21 (Interfax) - Shareholders in rail freight operator Globaltrans at an EGM on December 20 approved the purchase of 2.3% of 14.45% of its shares owned by Envesta Investments Ltd, Globaltrans said in a statement.
The Group could spend $43.173 million on the share purchase.
Envesta Investments is owned by the chief executive of Globaltrans, Sergei Maltsev, and Alexander Yeliseyev, chairman of the board of directors. Together they plan to sell up to 3,637,117 ordinary shares.
The price per share was fixed at $11.87, which is the weighted average price of the global depositary receipts of the company , each representing one ordinary share, on the London Stock Exchange for the five trading days prior to the date of the EGM.
The GDR closed Tuesday at $12.9 each.
The EGM decision "authorizes the company to purchase its own shares at a very favorable price. These purchased shares can be potentially used in future M&A transactions, sold to the market or cancelled," Globaltrans said.
Globaltrans specializes in rail shipment of metals, oil, cement and coal. A controlling stake (50.1%) is held by Transportation Investments Holding, in which Konstantin Nikolaev, Nikita Mishin and Andrei Filatov each have an equal share. Another 14.45% of shares are held by Envesta Investments, in which Maltsev has 51% and Eliseev has 49%. The free float amounted to 35.31% as of the end of 2009. The group posted a net profit to International Financial Reporting Standards (IFRS) of $225.9 million in 2010. Its adjusted revenue was $903 million, and EBITDA - $390.9 million.