20 Jun 2022 11:59

Kantor reduces stake in Acron to 40.85%, transfers 45.1% into trust management

MOSCOW. June 20 (Interfax) - Entities controlled by Vyacheslav Kantor have reduced their stake in Acron to 40.85%, the fertilizer producer said in materials.

As part of several transactions, 45.1% of Acron's shares were transferred to the company's management to be held in trust.

Specifically, JSC Demetra, whose beneficiary is Acron Vice President for Legal Affairs Pavel Vavilov, received 14.5% of the shares; JSC Positive Investments and Management, whose beneficiary is Acron Vice President for Foreign Economic Activity Dmitry Khabrat, obtained 16%; and JSC Grinfert, whose beneficiary is Alexander Popov, the company's chairman of the board of directors, received 14.6%.

"The trustees are required to continue to ensure that PJSC Acron and its subsidiaries comply with the financial restrictions on the ultimate beneficiary of PJSC Acron [the UK and the EU placed Kantor in their respective sanctions lists in April] as specified in Council Regulation (EU) No. 269/2014, including ensuring that no cash or economic resources of PJSC Acron are provided directly or indirectly to or for the benefit of the ultimate beneficiary," according to the materials.

Acron's free float is 4.7%; and 9.3% of the shares are treasury, which are non-voting, and the matter regarding their redemption has been submitted for discussion at the upcoming shareholders' meeting on June 30.