Page 84 - RusRPTDec19

Analysts at VTB Capital increased the target price of Norilsk Nickel shares by a quarter (25%) in anticipation of a spike in the prices for nickel, palladium and other platinum group metals (​PGM) next year as countries around the world scramble to cut CO2 emissions in what is shaping up to be a​ ​super-climate year.​ “There is a widening gap between global emission targets and reality,” VTB Capital (VTBC) said in a note. “We believe that in order to catch up with targets, the industry will have to accelerate electric vehicle (EV) adoption as well as significantly increase palladium loadings in petrol internal combustion engine (ICE) cars. This would drive demand for palladium, nickel and copper up further, just as inventories of all three are low.”
Obuv Rossii bought back of 0.24% of shares for RUB12.3mn in the first week of November​. The company bought 0.24% of total shares from the market via buyback, which was announced in October 2018 and will be completed by 31 December 2019. The free float is down to 47.5%. Obuv Rossii bought 271,230 shares from the market at average price of RUB45.3/s in October, according to the company’s press release. 271,230 shares represent 0.24% of total shares and 0.5% of the free float (47.7%). Buyback program was started in October 2018 and will be completed by 31 December 2019.
Polyus Gold​ says it will sell 700k (0.5%) shares to its subsidiary Polyus Krasnoyarsk​. The sale will take place via a closed subscription for Rb7,352/sh. The placement began on October 7, according to the company’s press release. In August, the company announced that it would issue 700k shares for its subsidiary Polyus Krasnoyarsk to be used as part of the manager incentive program and for settlements with Rostech for Sukhoi Log. The company announced the issue in August, thus should be priced in. Moreover, the placement is relatively minor – 0.5% of share capital.
The Russian government had approved a price of RUB93.21 per Rostelecom​ common share for the company's additional share issuance to VTB ​in a private offering, Kommersant reported on November 12. Rostelecom will increase its stake in Tele2 to 100% (from the current 45%) using a swap agreement with the other Tele2 shareholder, Tele2 Russia Holding AB, to exchange 10% of Rostelecom common shares for a 10% stake
84​ RUSSIA Country Report​ December 2019 ​ ​www.intellinews.com