Expert analytical Bureau “Investkafe” Aleksey Result. Illustration: investcafe.ru
Redemption of shares of VTB private shareholders would be 13.6 copecks per a security, equivalent to the price of the “popular” in the spring of 2007, the IPO of VTB. About this informed the head of retail banking group VTB-VTB 24-Mikhail Zadornov during the videoconference held on Thursday, 9 February.
“This is an unprecedented act of redemption requires a non-standard approach, but in my opinion, there are two most important issue, commented on the statement of the expert analysis Bureau” Zadornov Investkafe ” Alexey Pukhaev. -Firstly, the necessary economic foundation for the implementation of this operation, that is, on the basis of which the Bank’s shares will be bought back at a price almost twice the market-13.6 copecks per a security, equivalent to the price of the “popular” in the spring of 2007, the IPO of VTB BANK. “
“Is there any economically justified reason to do so? Because if there is not the necessary basis for the transaction, then there is another question: “people’s IPO was in violation of any rules?” if so, regulators have to start checking on the matter, said the Economist. -If it is a fact that during the “people’s IPO” part of “investors” was misled and suffered from this deal, then they will have the right to repurchase. Hence, the second question, as the ransom, do all investors the right to take part in this operation will not be the only participants in the share repurchase “people’s IPO” discriminatory? “
“If these two issues will not be given a clear answer, then we risk having to spur momentum outflow of capital, stated Result. -In this case, Russian companies will be even more investment and more attractive, with a comparative analysis of companies with foreign counterparts, and this “potential” growth will remain only “potential”, because the success of the investment depends only on political considerations rather than on economic processes “.
Against this background, interesting view of one of the members of the Advisory Board of shareholders of VTB Leonid Volkov, who believes that the shares must be redeemed only in part of the IPO, the analyst added. According to Volkov, “buy-back of shares should be implemented, not all shareholders, as there are those who bought shares at several million dollars, and there are those who bought shares really to” last savings “and now for a number of reasons in a precarious financial position. Because most of the participants in the “popular” IPO were people of pension and retirement that much of his adult life lived with a planned economy, bad are the foundations for a market economy. When buying shares they had not intended to earn short-term fluctuations of speculatively stock or professionally build capital “.
“Therefore, in the view of Volkova, primarily redemption should implement such people who have social, rather than for investment purpose. A large percentage of shareholders against foreclosures from professional investors, this huge sums at risk in bank stocks, the Result. -To organize the process of foreclosure, the Bank’s management to begin to resolve this conflict of interest, if the minority view will be ignored, we once again see that improvement of the investment climate in Russia is only a creative slogan election company “.
The Investment Bank, instinctively running economically unjustified demands of supervisory shareholder does not appear promising,-summarized the Economist. -. The fact is that if the redemption will occur only at the “people’s IPO” or parts thereof, the Red price shall be-0.0825 rubles. However, due to the fact that it is extremely difficult to implement technically, most likely bought back shares will all comers, but in this case the coefficient of foreclosures will be extremely low. This will cause the prices will start to grow in the direction of prices, however, are unlikely to be able to access it (for example, happened to have just ended is redeemed by Raspadskoj), and after the completion of the foreclosure will return to current levels, and not replacing the broken trough many shareholders to enamelled basin “.
