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Mordashov demanded that minority shareholders of “Power machines” sell their shares

05-04-2013
Highstat Ltd. owned by Alexey Mordashov and controlling 98.45% of “Power machines” sent to minority shareholders of the company (with 1.55% shares) a mandatory offer for buyback of their shares at 6.39 rubles per share. This information was announced by “Power machines”.
The whole company was appraised at 55.65bn rubles, with the minority share of approximately 862.6m rubles. This exceeds the offer made by Mordashov’s company last August by 1.4 times.
The record date for the purpose of mandatory buyback is June 3.
Not all minority shareholders of “Power machines” were satisfied with the price of the offer made in August: deputy executive director of the Investor Protection Association Alexander Shevchuk then noted that the majority shareholder should have based its offer on the weighted average market price for the half a year preceding the delisting of “Power machines”, i.e. closer to 7 rubles. The new offer basically complies with this logic, Shevchuk said to “Vedomosti”: “We are quite satisfied with the revised offer”. It is a pity though that to achieve that we had to draw attention of the regulator and the investors to the matter, as well as wait for over a year, he added.
The obligation to make an offer originated for Highstat Ltd. as far as back as December 2011, when the company bought 25% of shares of “Power machines” from Siemens having increased its share up to 95.5%. However, the company failed to make the offer and was fined by the FSFM for 250,000 rubles – the first among foreign companies. It was then that head of the FSFM Dmitry Pankin expressed hopes that this penalty would urge the company to buy back the shares from minority shareholders. The respective buyback offer was made in August 2012. 

Timofey Dzyadko
Vedomosti.ru
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