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Market News Company News SECURITIES MARKET NEWS SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody October 22, 2020 Issue No. 2020/41 Please be advised that November 4 th is a public holiday (“Unity Day”) and an official day off in the Russian Federation. Market News Putin urges business to get involved in production of vaccine On October 21, 2020 Russian President Vladimir Putin urged entrepreneurs to become more actively involved in production of the Russian vaccine against coronavirus in order to ensure the required amount of this drug. The president said that the third vaccine created in Russia will soon be registered. Putin has estimated annual sales of the Russian vaccine against coronavirus on the global market at USD 100 bln. Putin said that targeted measures to fight coronavirus were justified, they were being taken in contact with business. He added that the government was analyzing the situation. The president also said that the government did not plan to introduce tight restrictive measures amid the pandemic. Company News Rosseti can raise capital of affiliate Rosseti Kuban by RUB 2 bln On October 16, 2020 the board of directors of Russian power grid company Rosseti approved an increase of capital of affiliate Rosseti Kuban by no more than RUB 2.286 bln. The company can use the funds to finance repairs of energy supply units in the Sochi energy district. Rosseti plans to give the company in 2020–2023 the money that it received from affiliates in dividends for 2018–2019. After the capital increase, the stake of Rosseti in the affiliate will stand at least 93.44%. Court seizes RUB 85.4 bln of assets of B&N Bank former owners On October 19, 2020 it was reported that the Moscow Arbitration Court seized RUB 85.4 bln of assets of Mikail Shishkhanov and four other former controlling shareholders of B&N Bank under a central bank suit against the defendants and Mikhail Gutseriyev. The central bank filed a suit against Shishkhanov, Gutseriyev, Alexander Lukin, Kirill Lyubentsov, Pyotr Morsin, and Kostantin Kalagin seeking redemption of losses of Otkritie Financial Corporation (FC) Bank. The statement did not disclose the reason why the claimant did not ask the court to seize Gutseriyev’s assets. The central bank merged B&N Bank into Otkritie FC Bank. In November 2019, National Bank Trust, Otkritie FC Bank, and financial group Safmar of Gutseriyev signed RUB 135 bln amicable deal to settle disputes. In September 2020, Safmar said that the banks reached new agreements to settle all claims of a fund to consolidate the banking sector and the central bank on transactions of B&N Bank and Rost Bank that was later merged into Bank Trust. Safmar also said that Gutseriyev and the two banks would reach a new amicable deal under a suit filed by the central bank on September 21. On the same day, the authority filed another, RUB 284 bln suit against Shishkhanov and three other top managers of B&N Bank. On September 18, Bank Trust filed two suits against Shiskhanov and co-defendants worth RUB 306.5 bln and RUB 22.7 bln, respectively. Courts seized assets of defendants under those suits as well. 1 Rosneft says buys back USD 17 mln of securities in October 12–16, 2020 On October 19, 2020 it was announced that Russian oil major Rosneft bought back 3.499 mln shares and global depositary receipts (GDRs) for USD 17.1 mln from October 12 through October 16. The company bought 2.369 mln common shares and 1.130 GDRs. The weighted average price stood at USD 4.89 apiece. Since the launch of USD 2 bln buyback program on March 23, the company bought back 67.442 mln securities for USD 306.6 mln. Tinkov says no need to sell TCS Group to pay US tax fines On October 20, 2020 it was stated that Russian businessman Oleg Tinkov does not need to sell his business TCS Group, which unites Tinkoff Bank and Tinkoff Insurance, to pay tax fines to the U.S. because he has enough free money to do that. The U.S. Justice Department earlier accused Tinkov of misrepresenting data in his tax declaration, and the businessman, who lives in London, can face six years in prison. The Westminster Magistrates' Court is to consider Tinkov’s extradition to the U.S. on November 6. In late September, internet giant Yandex launched negotiations on possible acquisition of 100% in TCS Group for USD 5.48 bln. The companies agreed on the deal in general, but it broke down on October 16. A source said that Yandex wanted to acquire TCS Group, while Tinkov saw it as a merger and wanted to stay in charge of his business. Aeroflot sells 682.9 mln shares during SPO under preemptive right On October 20, 2020 it was reported that Russian flagship airline Aeroflot sold 682.9 mln shares during a secondary public offering (SPO) under a preemptive right. The number of shares left for public subscription stand at 1.017 mln. On October 9, Aeroflot set the placement price of its SPO at RUB 60 per share raising RUB 80 bln. TMK finishes buyback, buys 2.89% stake, cuts free-float to 9.62% On October 20, 2020 it was stated that Russian oil and gas pipeline producer TMK finished its share buyback program after its subsidiary Volzhsky Pipe Plant bought back a 2.89% stake in the company, cutting TMK’s free-float to 9.62%. The subsidiary bought back 29,854,245 shares in the parent company at RUB 61 per paper. In April, TMK announced a buyback of over 358 mln of its shares, or a 34.7% of the shareholder equity, through Volzhsky Pipe Plant at RUB 61 apiece, and further delisting from the London Stock Exchange (LSE). In July, TMK said its shareholders had presented about 230 mln shares (or 22.3% of the charter capital) for a total of about RUB 14.027 bln for the buyback. After that, the company announced a new buyback of up to 129,198,754 shares at RUB 61, and delisted its shares from the LSE on September 17. Vladivostok port recalls RUB 19 bln suit against FESCO On October 20, 2020 it was announced that Russia’s Commercial Port of Vladivostok recalled its RUB 19.2 bln suit against parent company Far-Eastern Shipping Company (FESCO) to the Moscow Arbitration Court. A spokesperson for FESCO stated that this claim was filed by an unauthorized individual, his actions were orchestrated by Zairbek Yusupov who was fired. Commercial Port of Vladivostok denies the existence of claims, the suit has been recalled. The guilty individual will face the consequences envisaged by the legislation. FESCO is now in a corporate conflict. In early September, FESCO’s board of directors fired President Maxim Sakharov and elected Arkady Korostelyov as the new president. Later the company filed a suit to the London Court of International Arbitration on behalf of FESCO Group against several companies connected to FESCO’s co-owner Ziyavudin Magomedov seeking redemption of debts. Magomedov owns a 32.5% stake in FESCO. He and his brother Magomed Magomedov have been under arrest since March 2018 on accusations of establishment of an organized crime syndicate and embezzlement. In late September, several Telegram channels reported that Magomedov had sent a letter from a pre-trial detention center saying that Leyla Mammad Zada, the current chairwoman of FESCO’s board of directors, was trying to sell FESCO to third parties together with some other members of the board. FESCO’s management said that this information was incorrect. On October 4, FESCO published a statement of the directors of Domidias Ltd, NovatorInvest, and Nautilius, which said they acted on behalf of the shareholders that control 33.9% in FESCO. They said they support USD 1 bln suit filed against the companies affiliated with Magomedov to the London Court of International Arbitration, and were preparing shareholder suits against Magomedov. Also in late September, the supervisory board of Commercial Port of Vladivostok fired CEO Zairbek Yusupov, whom FESCO had called a relative of Magomedov, and elected a new CEO of the port. Following the election, the dock workers of the Vladivostok port went on strikes in support of Yusupov. The port said on October 2 that it took out USD 600 mln loan from VTB Bank in 2017 and loaned out all the money to the subsidiaries of FESCO. The port said that Yusupov requested FESCO to return at least part of the sum in September or the port would sue the parent company to redeem the debts. 2 Samolet Group gets listed on Moscow Exchange On October 20, 2020 the Moscow Exchange listed Russian real estate developer Samolet Group of Companies among third-tier securities. Earlier in October, Samolet announced plans to place shares on the Moscow Exchange in an initial public offering (IPO) until the end of 2021 to reach free float of around 5% of the charter capital. MTS buys back 0.02% of capital under repurchase plan On October 21, 2020 it was reported that Bastion, a wholly-owned subsidiary of major Russian mobile operator MTS, acquired 424,000 MTS ordinary shares, representing 0.02% of the operator’s capital from Sistema Finance S.A., a unit of the operator’s main owner, multi-industry holding Sistema. The shares were acquired under a repurchase plan announced on March 31, and since then Bastion has acquired 36 mln MTS ordinary shares, including 13.144 mln shares bought back from Sistema for RUB 4.4 bln In total, the purchased shares account for 1.7% of the capital.
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