Ammophos shareholders to consider major deal with Sberbank Nov 14
MOSCOW. Oct 11 (Interfax) - Shareholders of OJSC Ammophos will consider the approval of a major deal with Sberbank at an extraordinary meeting on November 14, Ammofos said in a press release.
If the decision is taken to approve the deal, shareholders who vote against the deal or do not participate in the voting will have the right to demand the purchase of all or part of their shares. The shares will be purchased at a price fixed by the board of directors but not below market value, which is determined by an independent appraiser. The board of directors has fixed the purchase price at 4,800 rubles a share.
A source with knowledge of the situation told Interfax that there is no talk of opening a new credit line with Sberbank.
An investment memorandum to the IPO by PhosAgro said that in May 2011 Ammophos signed three agreements with Sberbank on the opening of credit lines for $250 million, $200 million and another $200 million, respectively. The rate of the first credit line is a one-month LIBOR plus 2.1%, the rate of the second credit line - a one-month LIBOR plus 2.55%, and the rate of the third credit line - a one-month LIBOR plus 2.9%. The maturity dates of the loans are May 2012, May 2013 and May 2014, respectively.
The meeting's agenda also includes introducing changes to the statute on the approval of a guarantee contract with Bank Nordea, a loan agreement with Agro-Cherepovets and Cherepovetsky Azot , supplements to the contract with PhosAgro-Trans and a supplement to the contract on the transfer of powers of the sole executive body with PhosAgro AG.
The list of individuals with the right to participate in the extraordinary shareholder meeting was compiled according to the shareholder register on October 7.
Ammophos produces chemical fertilizers, sulfuric acid and phosphoric acid. It is part of the PhosAgro holding.