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Securities Market Newsletter SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody April 9, 2020 Issue No. 2020/13 Market News Saint-Petersburg Exchange to continue regular trades until April 30, 2020 On April 3, 2020 it was reported that Saint-Petersburg Exchange would continue trades in a regular regime during the nationwide shutdown until April 30, announced by President Vladimir Putin to contain the spread of coronavirus. Central bank to hold fine-tuning auctions from April 6, 2020 through April 30, 2020 On April 3, 2020 it was announced that the central bank would hold “fine-tuning” auctions from April 6 through April 30 to regulate the banking sector liquidity in the period of the nationwide shutdown announced by President Vladimir Putin to fight coronavirus. In March, the regulator first announced such auctions for this week. The central bank will also perform daily liquidity operations and currency sales and purchases on the internal market excluding April 11, 12, 18, 19, 25 and 26 – the calendar weekends. Repo operations with fixed interest rate will be performed every day will settlement on the second part of the deal on the next day excluding calendar weekends. The central bank will issue secured credits on request under the standard and special-purpose refinancing tools. Repayment of the central bank’s credits and early repayment of the credits will be carried out at the planned date excluding calendar weekends. Overnight deposit operations will be performed every day with placement on the date of such operations and return on the next day excluding calendar weekends. Foreign currency swap operations will be carried our daily on the standard basis, and operations of sales and purchases of foreign currency on the Moscow Exchange will be executed every day with settlement on the next trading day. Moscow Exchange to continue operations in current regime On April 3, 2020 it was stated that the Moscow Exchange would continue to work in a regime set for the week starting from March 30, 2020 until the end of April. President Vladimir Putin earlier announced prolongation of the nationwide shutdown to fight coronavirus until April 30. Company News Sberbank postpones AGM for June 26, 2020 from April 24, 2020 On April 2, 2020 it was reported that Russia's biggest lender Sberbank postponed the annual general meeting of shareholders for June 26 from April 24 and planned to hold it online. The shareholder register for dividends shall close on July 16. Yandex buys back 3.2 mln Class A shares for USD 107.6 mln since January 1, 2020 On April 3, 2020 it was announced that Russian Internet company Yandex bought back 3.2 mln Class A shares for USD 107.6 mln from January 1 through March 25. The average buyback price was at USD 33.91 apiece. The board of directors approved in November 2019 a buyback of Class A shares for up to USD 300 mln. As of February 20, the number of Yandex’s issued shares was at over 330.8 mln, including 293.684 mln Class A shares and 37.137 mln Class B shares. 1 VimpelCom appoints Torbakhov as general director again On April 3, 2020 Russian mobile operator VimpelCom, working under brand Beeline, appointed again Alexander Torbakhov as general director, effective from April 6. Torbakhov had been working as executive for more than 25 years at big companies, including X5 Retail Group and Sberbank. Rosneft buys back 6.4 mln shares, GDRs for USD 26.3 mln during March 30, 2020-April 3, 2020 On April 6, 2020 it was reported that Russian oil major Rosneft bought back 6,358,704 securities for USD 26.3 mln in the week from March 30 through April 3. Rosneft bought 2,150,920 common shares, including 50,000 shares on March 30, 391,470 shares on March 31, 50,000 shares on April 1, 159,450 shares on April 2, and 1.5 mln shares on April 3. The company also purchased 4,207,784 global depositary receipts (GDRs) in the period, including 1.2 mln GDRs on March 30, 913,759 GDRs on March 31, 1,101,735 GDRs on April 1, 942,290 GDRs on April 2, and 50,000 GDRs on April 3. FC Fortify buys arrested shares of Prominvestbank for USD 10 mln On April 6, 2020 it was announced that shares of Prominvestbank, a Ukraine-based unit of Russian development institution VEB.RF, were bought by Financial Company (FC) Fortify for almost USD 10 mln, but the deal was not closed because the stake was arrested. In March, VEB.RF said that Ukraine had sold shares of Prominvestbank to an unknown buyer in an auction in violation of the international law. VEB.RF planned to advocate its interests in the court. In the spring of 2018, the Permanent Court of Arbitration in Hague supported the companies of tycoon Igor Kolomoisky and obliged Russia to redeem about USD 140 mln of their losses in Crimea. In September of 2018, a Kiev court arrested shares of Ukrainian subsidiaries of Russia’s state-owned banks Sberbank, VTB Bank, and VEB.RF. In January 2019, the Supreme Court of Ukraine upheld decisions of the lower courts, but said that only property of the Russian Federation can be arrested under the case, while property owned by other companies should not be arrested. Evison appeals against sale of 9.99% in Orient Express Bank On April 8, 2020 it was stated that Cyprus company Evison Holdings Limited, controlled by investment company Baring Vostok, filed an appeal to the Supreme Court of Russia over decisions of three lower courts that obliged it to sell 9.99% in Orient Express Bank to Finvision of businessman Artyom Avetisyan. Evison asked the court’s Judicial Chamber on Economic Disputes to revise the case. In May 2019, the Arbitration Court of the Amur Region ordered Evison Holdings Limited to fulfill a 2016 call option and to sell the 9.99% stake in Orient Express Bank to Avetisyan’s Finvision Holdings. In June of the year, Baring Vostok gave the stake to Finvision but appealed against the court decision. The Sixth Arbitration Court of Appeal and the Arbitration Court of the Far East District upheld the decision of the lower court. Delo Group transfers RUB 60 bln to minorities of TransContainer On April 8, 2020 it was reported that Delo Group, the owner of 50% plus two shares in Russian container shipping company TransContainer, transferred in the framework of the mandatory offer RUB 59.9 bln to the minorities, including Yenisei Capital and VTB Bank, for 49.641% in the company, and expects to receive the stake next week. Delo Group consolidated more than 99.6% in the largest intermodal container operator of Russia. A Delo representative said that the transfer of shares to the company’s unit Delo-Center would happen next week. The share price amounted to RUB 8,679.52 per security, valuing 99.641% in the company at over RUB 120 bln. Anatoly Popov, deputy CEO of Russia’s top bank Sberbank, said that the bank had provided RUB 59.867 bln to Delo Group on April 8 under a credit line that had been opened previously, and the group used the money to buy out the stakes of minorities. Delo Group closed RUB 60.3 bln purchase of 50% plus two shares in TransContainer from Russian Railways in mid-December 2019. Yenisei Capital of tycoons Alexander Abramov and Roman Abramovich owned 25.1% in the company, while Russia’s second largest bank VTB had a 24.84% stake. Deputy PM aide Kozlov can replace ex-minister Sokolov on Transneft board On April 8, 2020 it was announced that the Russian government nominated nine candidates to the board of directors of oil pipeline monopoly Transneft, with Alexei Kozlov, aide to Deputy Prime Minister Yuri Borisov, being the only new candidate. Kozlov can replace former Transport Minister Maxim Sokolov on the board. TMK board approves buying back shares, delisting from LSE On April 8, 2020 the board of directors of Russian oil and gas pipe maker TMK approved a buyback of the company’s shares via the Volzhsky Pipe Plant subsidiary and their further delisting from the London Stock Exchange. The Volzhsky Pipe Plant will send a voluntary offer to acquire 358.8 mln common shares at RUB 61 apiece. 2 Bank St Petersburg board decides against share buyback On April 9, 2020 the supervisory board of Bank Saint Petersburg, the biggest bank in Russia’s northwest, has decided not to buy back shares of the bank. Dividends/coupons Executive says Tatneft could pay 2019 dividends at 2018 amount On April 3, 2020 Vasily Mokhovoi, Director for Corporate Finance at Russian oil producer Tatneft, stated that the company did not rule out that dividends for 2019 would be flat compared with 2018. Mokhovoi said that the recommendation would be made in April. Tatneft paid RUB 84.9 per common or preferred share in dividends for 2018. Acron to pay RUB 157 per share in dividends from undistributed profit On April 6, 2020 shareholders of Russian fertilizer producer Acron approved paying RUB 157 per share, or a total of RUB 6.364 bln, in dividends from the undistributed profit of previous years. The record date for dividends is April 14. Vyacheslav Kantor is the key shareholder of Acron. X5 not to change dividends policy, has no buyback plans On April 7, 2020 Igor Shekhterman, CEO of Russia's X5 Retail Group, said that the group had no plans to change the dividend policy and had no plans to start a buyback program.
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