"Aeroflot" will pay 7 billion rubles for a contract for the purchase of MS-21

The airline will buy from its minority shareholders 4.3% of its securities. The company's shareholders did not support the acquisition of 50 mid-range MS-21 aircraft for Aeroflot's purchase of $ 5.2 billion.
The Aeroflot Group, which entered into a firm contract for the delivery of 50 new Russian MS-21 aircraft, will have to pay an additional 7 billion rubles. to its shareholders. The airline will buy 4.3% of its shares from minority shareholders who did not support this deal, and will pay significantly more current market quotations for securities. The leasing of MS-21 will cost Aeroflot in the amount of up to $ 5.2 billion.

Aeroflot on August 15 disclosed options for the repurchase of shares from minority shareholders who did not support a major operating leasing deal for 12 years in June at 50 medium-sized MS-21 aircraft of Russian production. MS-21 is not produced yet, Aeroflot is an anchor customer, the lessor of the transaction is Aviakapital-Service, a member of Rostek. The airline has to buy out 47.8 million of its shares for 7.04 billion rubles. The price of the leasing deal for aircraft should not exceed $ 5.23 billion.

At the same time, the company reported that the conversion factor of the number of shares submitted for redemption amounted to 0.2554, which implies that the shareholders presented for redemption four times as much shares - 187.2 million shares, or 16.9% of the charter capital of the airline. The law allows shareholders in a number of cases to demand the repurchase of their securities from the company if, for example, they voted against or abstained at the shareholders' meeting on the approval of a major transaction. But at the same time, the maximum repurchase amount is limited to 10% of the net asset value of the company.

The presentation of a large number of securities for redemption is explained by the possibility of earning on the sale of the airline. The buyout price, taking into account the weighted average quotations for the previous months, amounted to 147.2 rubles. per share. But the quotations of securities of Aeroflot on the Moscow Stock Exchange, although a few rose after the announcement of redemption, but at the time of delivery of the material grew by 3.8%, to 111.35 rubles. for paper. At the beginning of the year, Aeroflot's capitalization was higher. So, back in March the price of the paper on the stock exchange exceeded 160 rubles, and in July-August 2017, the quotes of Aeroflot shares exceeded 200 rubles. a piece.