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Securities Market Newsletter SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody June 15, 2017 Issue No. 2017/22 Economy Russia’s inflation stays at 0.1% in June 6-12 On June 15, 2017 the Federal State Statistics Service said that Russia’s consumer price inflation remained flat at 0.1% from June 6 through 12 for a third week in a row and reached 1.9% since January 1. Gasoline prices rose 0.3% and diesel fuel prices grew 0.2%. Company News Tatneft to close deal to buy RUB 14 bln shares in Bank ZENIT in June 2017 On June 8, 2017 it was stated that Russian oil company Tatneft would close a deal to buy RUB 14 bln worth of Bank ZENIT’s newly issued shares in June. In February, the bank’s shareholders approved issuing RUB 14 bln additional shares to boost the charter capital, which were to be sold privately to Tatneft to raise its stake to 71.12%. AK BARS Bank completes placement of RUB 10 bln extra shares On June 8, 2017 it was announced that Russia’s AK BARS Bank completed the placement of an additional share issue of RUB 10 bln, and the shares were bought by oil company Tatneft. Before the placement, the charter capital of the bank amounted to RUB 38 bln. Tatarstan president’s state housing fund had a 25.78% stake in the bank before the placement. The combined interest of Tatarstan’s Land and Property Ministry was 51.08%, of which 24.995% belonged directly and the rest through several structures including 4.04% through Svyazinvestneftekhim. Tatneft owned an 8.618% stake in AK BARS Bank via a Cyprus-based company Osmand Holdings Limited. Tatneft said in May that after the purchase of additional shares, its stake in the bank will amount to 17.24%. Novatek buys back 90,000 common shares in June 5-9, 2017 On June 13, 2017 it was reported that independent gas producer Novatek bought back 90,000 common shares, including shares held in the form of global depositary receipts (GDRs), from June 5 through June 9. In May 2016, the board of directors extended a USD 600 mln buyback program, under which the company will buy its shares and GDRs via its unit Novatek Equity (Cyprus) Limited, until June 7, 2017. Russian watchdog not preparing to fire Rosseti CEO On June 14, 2017 a government source stated that Russia’s Federal State Property Management Service was not preparing an order to dismiss CEO of power utility Rosseti Oleg Budargin. Several media sorces reported earlier that Rosseti could fire Budargin, since his name was not on the list of candidates to the company’s board of directors to be voted on June 30. The source said that the presidential administration had agreed on a new list of board of directors members with Anatoly Tikhonov replacing Budargin, but this didn’t mean that he was quitting. 1 Polyus sets SPO price range at USD 66.5-70.6 per share On June 15, 2017 it was announced that Russian gold producer Polyus set the price range for its secondary public offering (SPO) at USD 33.25-35.30 per a global depository share (GDS), which corresponds to USD 66.5-70.6 per share. Based on this price range, the company’s market capitalization will amount to USD 8.482-9.005 bln. Polyus plans to offer 28.6 mln shares with a face value of RUB 1 each on June 30 and will collect bids for the shares from June 15 until June 29. Polyus will offer USD 400 mln worth of new shares and existing securities, including GDS, which will be admitted to trading on the London Stock Exchange. Companies of Suleiman and Said Kerimov are beneficiary owners of Polyus. Dividends/coupons Magnit to pay RUB 67.41 per share in dividends for 2016 On June 8, 2017 shareholders of Russian food retailer Magnit approved paying RUB 67.41 per share, or a total of RUB 6.374 bln, in dividends for 2016. The record date is set for June 23. Magnit paid RUB 29.358 bln in dividends for 2015, including RUB 8.359 bln for January-June, RUB 16.999 bln for January-September and RUB 4 bln in final dividends. In 2016, Magnit paid RUB 8 bln for January-June dividends and RUB 11.926 bln for January-September dividends. CEO Sergei Galitsky owns about 36% in the company with free float reaching about 61%. Shareholders of Volga Shipping approve dividends at RUB 282 per preferred share On June 9, 2017 shareholders of Volga Shipping, part of Russian billionaire Vladimir Lisin’s UCL Holding, approved paying RUB 282 per preferred share or a total of RUB 135.9 mln in dividends for 2016 at an annual general meeting of shareholders. Shareholders voted for paying no dividends for common shares and using funds for investment projects instead. Gazprom Neft to pay RUB 10.68 per share in dividends for 2016 On June 9, 2017 shareholders of Russian oil company Gazprom Neft approved paying RUB 10.68 per common share, or a total of RUB 50.64 bln in dividends for 2016. As a result, the company will allocate 25.3% of its net profit for 2016 calculated under International Financial Reporting Standards (IFRS). Previously, the company paid RUB 6.47 per share in dividends for 2015. According to materials of Gazprom Neft, the stake of Russian gas giant Gazprom amounts to 95.68%, while minority owners - including individuals and companies - own the remaining 4.32%. Irkutskenergo owners decide against dividends for 2016 On June 9, 2017 shareholders of Russian power producer Irkutskenergo approved paying no dividends for 2016. Shareholders also approved allocation of RUB 325 mln of the net profit for 2016 on social and charity events. In 2016, the net profit of Irkutskenergo calculated under Russian Accounting Standards (RAS) rose 34.3% on the year to RUB 16.97 bln. EuroSibEnergo, part of Oleg Deripaska’s En+ Group, owns a 50.19% stake in Irkutskenergo, and the Telmamskaya GES hydropower plant, also owned by EuroSibEnergo, has a 40.19% stake in the company. The materials also read that investment of Irkutskenergo stood at RUB 4.209 bln in 2016, with RUB 2.359 bln allocated on a program to maintain reliability and consistency of operation of equipment. Inter RAO to pay RUB 0.1468 per share in dividends for 2016 On June 9, 2017 shareholders of Russian power holding Inter RAO approved paying 14.68 kopecks per common share, or a total of RUB 15.328 bln, in dividends for 2016. The record date is June 20. The payment accounts for 25% of the company’s net profit for 2016 calculated under International Financial Reporting Standards (IFRS). Previously, Inter RAO paid 1.782 kopecks per share or RUB 1.861 bln in dividends for 2015, which accounted for 50% of the net profit calculated under Russian Accounting Standards (RAS) for the year. According to the company’s Web site, state holding Rosneftegaz owns 27.63% in Inter RAO, Inter RAO Capital has a 19.98% stake, Federal Grid Company of Unified Energy Systems (FGC UES) owns 18.57%, hydropower giant RusHydro has 4.92%, and 28.91% is free float. TGC-14 shareholders decide against dividends for 2016 On June 9, 2017 shareholders of Russian power producer Territorial Generating Company-14 (TGC-14) approved paying no dividends for 2016. The undistributed net profit amounting to RUB 417.813 mln is planned to be spent on repayment of losses of past years. TGC-14 paid no dividends for 2015 as well. TGC- 2 14, controlled by Russian Railways, operates power plants in the Zabaikalsky Region and the republic of Buryatia. Norilsk Nickel holders approve RUB 446.1 per share in 2016 final dividends On June 9, 2017 shareholders of Russian metals giant Norilsk Nickel approved paying RUB 446.1 per share, or a total of RUB 70.593 bln, in final dividends for 2016 at an annual general meeting. The record date is June 23. The company paid RUB 444.25 per share, or a total of RUB 70.3 bln, in dividends for January- September 2016 and paid no dividends for the first half of the year. Vladimir Potanin’s Interros holds 30.3% in Norilsk Nickel, Oleg Deripaska’s UC RUSAL has 27.8%, Crispian Investments Ltd. of Roman Abramovich holds 4.95% and Metalloinvest of Alisher Usmanov owns 1.8%. Severstal owners approve RUB 44 bln in October-December 2016, January-March 2017 dividends On June 13, 2017 shareholders of Russian metals producer Severstal approved paying RUB 23.23 bln, or RUB 27.73 per share, in dividends for October-December 2016 and RUB 20.5 bln, or RUB 24.44 per share, for January-March 2017. The record date is June 20. In 2016, the company paid RUB 8.25 per share, or a total of RUB 6.91 bln, in dividends for January-March, RUB 19.66 per share, or a total of RUB 16.47 bln, in dividends for April-June, and RUB 24.96 per share, or a total of RUB 20.91 bln, in dividends for July- September. Alexei Mordashov, chairman of the board of directors, indirectly holds 79.2% in Severstal. The company paid a total of RUB 49.32 bln in dividends for 2015. TMK shareholders approve final 2016 dividends at RUB 1.96 per share On June 13, 2017 shareholders of oil and gas pipe maker TMK approved final dividends for 2016 at RUB 1.96 per common share, or a total of RUB 2.025 bln, at the annual general meeting of shareholders.
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