Page 115 - RusRPTOct20

rebalancing.
IST group plans to sell 4% of Russian gold and silver major​ ​Polymetal shares via an accelerated book building offer, ​according to Interfax. As followed by bne IntelliNews, last month analysts argued that gold prices would keep rising in the medium term, possibly triggering re-rating and high demand for Russian gold equity names, with Polymetal seen as the top pick in the segment. Most recently, in September Financial Corporation Otkritie held an accelerated book-build sale of 3.4%.
TMK​’s BoD approved a new buyback at a cash price of Rb 61/share ​the company reported in the middle of September. The company intends to purchase up to c129.2mn (c12.5%) of TMK ordinary shares. The new share buyback program will be performed by Volzhsky Pipe Plant by way of concluding transactions off and on the regulated market of Moscow Exchange. Transactions via Moscow Exchange will be concluded by using the trading mode ‘Buying back: direct orders’. The collection of orders will take place through the period of 15 September to 15 October, inclusively. Orders under the trading mode ‘Buying back: direct orders’ will be collected daily from 10 am until 3 pm Moscow time during the orders collection period. A shareholder who is willing to place an order for sale and who is not a trading member of Moscow Exchange can place an order as a client of a trading member of Moscow Exchange. A shareholder with no broker account opened with any trading member of Moscow Exchange can sell shares to VTZ directly. TMK can squeeze out remaining shareholders if buyback successful. If the company goes over a 95% stake via this buyback, it can squeeze out the remaining minorities – our base scenario if the buyback is successful.
TMK​ announces delisting of its GDRs and ADSs from LSE. ​According to the company’s press release, GDRs have been cancelled effective from the start of trading on 17 September. Immediately following the cancellation, holders of the GDRs will no longer be able to trade their GDRs on the LSE and will not be able to obtain market quotations for the GDRs.
IST group plans to sell 4% of Russian gold and silver major Polymetal shares via an accelerated book building offer, according to Interfax.
As followed by bne IntelliNews, last month analysts argued that gold prices would keep rising in the medium term, possibly triggering re-rating and high demand for Russian gold equity names, with Polymetal seen as the top pick in the segment.
Most recently, in September Financial Corporation Otkritie held an accelerated book-build sale of 3.4%.
115 ​RUSSIA Country Report​ October 2020 ​ ​www.intellinews.com