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SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody June 28, 2018 Issue No. 2018/23 Company News Safmar says no plans to further cut stake in M.Video On June 22, 2018 Said Gutseriyev, chairman of M.Video’s board of directors and a member of Safmar’s board of directors, stated that Russian financial group Safmar did not plan to further reduce its stake in electronics retailer M.Video. Media-Saturn-Holding (MediaMarktSaturn), controlled by German retailer Ceconomy, said on June 20 it agreed to acquire a 15% stake in M.Video from Safmar of businessman Mikhail Gutseriyev and transfer its Russian business, Media Markt stores, to Safmar. The value of the deal is estimated at EUR 258 mln. As a result of the deal, Safmar’s stake in M.Video fell to 42.7%. Safmar does not plan a further expansion in the retail sector and is not considering any additional acquisitions. The group does not expect any problems with the Federal Antimonopoly Service over M.Video’s acquisition of the Media Markt chain, as believes that the purchase will not significantly raise its market share. He also said that M.Video could resume paying dividends after 2019. In late May, M.Video’s board of directors recommended paying no dividends for 2017. The planned increase of value-added tax (VAT) to 20% from 18% will not significantly impact prices for household appliances and electronics. MGTS holders elect new board of directors, now only MTS executives On June 22, 2018 shareholders of Moscow City Telephone Company (MGTS), a fixed line unit of mobile operator MTS, elected at an annual general meeting a new board of directors, which now comprises only MTS representatives. The board was joined by MTS President Alexei Kornya, as well as by Sergei Plotnikov, head of MTS’ business market department, and Andrei Kamensky, MTS’ vice president for finance. MTS owns 94.7% of MGTS’ capital. RusHydro’s directors approve RUB 14 bln additional share issue On June 25, 2018 the board of directors of RusHydro approved RUB 14.014 bln public share issue to finance construction of power transmission lines on the Chukotka Peninsula. In early May, President Vladimir Putin approved raising the shareholder equity of RusHydro by up to RUB 13 bln from the federal budget on condition that the government will keep its stake of 60.56%. Russia’s second largest bank VTB owns 13.3% in RusHydro, and the other shareholders own 26.1%. GV Gold board approves boosting capital by 80% On June 26, 2018 the board of directors of Russian gold producer GV Gold approved publicly offering 45.016 mln additional common shares. At present, the company’s charter capital comprises 54,983,890 common shares with a face value of RUB 0.002 each. The company’s shareholders approved the additional share issue in early June. At present, board members Sergei Dokuchayev, Valerian Tikhonov, and Natalya Opaleva each hold 20.36% in the company. En+ Group says four members quit board of directors On June 27, 2018 it was reported that four members of the board of directors of Russia’s sanctions-hit En+ Group left the board in line with a plan to remove the company from sanctions. Specifically, Gulzhan Moldazhanova, Igor Makarov, Olga Mashkovskaya, and Anton Vishnevsky left the group’s board of directors. The board of directors also approved appointing Timur Valiyev, Alexander Krovushkin, Mikhail Likhotnikov, Konstantin Molodkin, Alexander Shistko, Yury Dvoryansky, and Denis Kholodilov as members of the board. Maxim Sokov, president and CEO of En+ Group, resigned from his post and left the company’s board of directors from June 1. 1 London court sides with RUSAL in dispute over Norilsk shares On June 27, 2018 it was announced that the High Court of London ruled that Crispian Investments, a unit of businessman Roman Abramovich’s Millhouse, should not have proposed and sold a stake in Russian metals giant Norilsk Nickel to Interros of tycoon Vladimir Potanin. The sale infringed a shareholder agreement on preemptive rights between Interros and aluminum giant UC RUSAL. The price of USD 234 per share at which Crispian offered the shares to RUSAL was unfair and was formed as a result of an agreement between Crispian and Whiteleave controlled by Interros. A long-standing shareholder conflict, which was resolved in 2012 with the intermediation of Abramovich by signing an agreement with a five-year share lockup period, resumed in mid-February. The lockup period expired in December 2017, when Interros decided to buy Abramovich’s 4% in Norilsk Nickel. RUSAL filed a lawsuit to the High Court of London to suspend the deal. In March, RUSAL and Interros preliminarily agreed at court that each of them buys about 2% in the nickel company from Crispian Investments, whose stake amounted to 6.37%. Interros has already closed its deal to acquire a 2.1% stake. Moscow Exchange delists Dixy from June 28, 2018 On June 28, 2018 the Moscow Exchange delisted retailer Dixy. Dixy Holding Ltd, a subsidiary of Mercury Group of businessman Igor Kesayev, owns 51.29% shares in the company, while Dixy Yug, a subsidiary of Dixy Group, owns 23.56% in the company according to the latest data. In December 2017, 80.48% of the shareholders approved a decision to delist the shares from the Moscow Exchange, and a buyback for owners that do not agree with the decision at RUB 340 per share. TransContainer’s directors appoint Vyacheslav Sarayev as new CEO On June 28, 2018 the board of directors of Russian leading railway container operator TransContainer approved an early termination of powers of CEO Pyotr Baskakov and appointed Vyacheslav Sarayev as the new CEO. Baskakov signed a letter of resignation on June 1. Sarayev is affiliated with companies of U.K.- based mining giant Evraz, which operates mainly in Russia. Dividends/coupons Freight One’s owners decide against dividends for 2017 On June 21, 2018 shareholders of Russian railway operator Freight One, part of UCL Holding of tycoon Vladimir Lisin, decided not to pay dividends for 2017 and leave the net profit for the year undisbursed. The company also paid no dividends for 2016 and for 2015. The net profit of Freight One fell 18.8% on the year to RUB 10.2 bln in 2017 as calculated under Russian Accounting Standards (RAS), but soared to RUB 19.8 bln in 2017 from RUB 920 mln in 2016 as calculated under International Financial Reporting Standards (IFRS). Tatneft to pay RUB 39.94 per share in dividends for 2017 On June 22, 2018 shareholders of Russian oil company Tatneft approved paying RUB 39.94 per common or preferred share in dividends for 2017. The company has already paid RUB 27.78 per share in dividends for January-September 2017, and the final dividends will amount to RUB 12.16 per share. In 2016, the company’s board of directors approved raising dividend payments to 50% of the International Financial Reporting Standards (IFRS) net profit from 30% of the Russian Accounting Standards (RAS) net profit paid earlier. Tatneft paid RUB 22.81 per common or preferred share in dividends for the year. Earlier in 2018, the board approved adjustments in the dividend policy to pay at least 50% of the net profit under RAS or IFRS depending on which is larger. In 2017, the company’s RAS net profit fell 4.6% on the year to RUB 100.022 bln and the IFRS net profit attributable to shareholders rose 14.7% to RUB 123.139 bln. RussNeft to pay USD 40 mln for preferred shares in 2017 dividends On June 22, 2018 shareholders of Russian oil company RussNeft approved paying USD 40 mln, or USD 0.408 per preferred share, in dividends for 2017. The company won’t pay dividends on common shares. The record date for the dividends is set at July 12. RussNeft said in March that it can pay RUB 2.304 bln in dividends on preferred shares for 2017, or about 21% of the net profit under Russian Accounting Standards (RAS). Belyrian Holdings of the Gutseriyev family and its affiliates own 47% of the company’s common shares, or 60% of the charter capital, and Swiss trader Glencore and its subsidiaries own 33% of common shares, or 25% of the charter capital. MGTS holders approve 2017 dividends at RUB 231 per common and preferred share On June 22, 2018 shareholders of Moscow City Telephone Company (MGTS), a fixed line unit of mobile operator MTS, decided to pay RUB 231 per common and preferred share in 2017 dividends. In total, the company will spend RUB 21.996 bln in dividends, including RUB 18.413 bln on common and RUB 3.584 bln 2 on preferred shares. The shareholders’ register for the payments will be closed on July 12. MGTS paid by RUB 233 per share upon results of 2016, or RUB 22 billion in total. Owners of Pharmacy Chain 36.6 decide against dividends for 2017 On June 25, 2018 shareholders of Russia’s Pharmacy Chain 36.6 approved a decision to pay no dividends for 2017. The company also paid no dividends for 2016. In August 2017, Pharmacy Chain 36.6’s shareholders included Cyprus-based Palesora Limited with 45.02%, Alliance Boots Holdings Limited with 15%, Douflero Holding Limited with 13.76%, and businessman Roman Avdeyev’s Rossium with 10.54%. In May 2018, the company said that Palesora Limited sold its entire 40% stake in Pharmacy Chain 36.6 in November 2017, while another Cypriot company, Paneario, acquired a 28% stake.
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