"RosElectronics" refused to modernize "Angstrem"

The structure of the corporation Rostek has blocked the additional issue of shares of Zelenograd plant Angstrem by 160 million rubles due to fear of losing its blocking stake. Bearing financial losses the enterprise in its turn will remain without money for modernization.
The manufacturer of microcircuits "Angstrem" could not conduct an additional issue of shares for 160 million rubles., Which is planned to spend on modernization. The transaction was blocked by the controlling Rospektonronics holding, which controls 30% of Angstrem, fearing a reduction in its share. Refusal of the additional issue may lead to the failure of the chain of state defense orders, warns Angstrem.

"RosElectronics" has been "the Angstrem" at the general meeting of its shareholders, the latter said yesterday. Angstrem planned to issue 320 million shares at a price of 0.5 rubles. each to attract 160 million rubles. "To modernize production to launch an export-oriented product." Repurchase of the additional issue was carried out by shareholders, including RosElectronics, the deal was negotiated with the Ministry of Industry and Trade, says Angstrem. Failure to do so could be worsen the financial stability of the company and lead to the breakdown of the chain of state defense orders. They are reminded that 80% of Angstrom products are intended for enterprises of the space and defense industry.

According to the extract from the company's shareholders, RosElectronics directly owns 25% of Angstrem JSC, another 11% belongs to Microelectronics (part of AFK Sistema), 0.51% - from the Angstrem Group. The latter in January 2018 ceased operations, its successor was "Alternative Capital" ex-Minister of Communications and Adviser to the President of the Russian Federation Leonid Reiman.

"RosElectronics" voted against the increase in the authorized capital of Angstrem, because of this issue, Rosnelectronics told Kommersant. ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 160 million rubles. In our opinion, the repayment of accounts is not sufficient for the additional issue, that is, we did not support this initiative either at the expense of the board of directors or at a subsequent shareholders' meeting, "RosElectronics said. 30% of Angstrem. They are subject to indirect ownership, controls. According to the interlocutor of Kommersant, close to Angstrem shareholders, after the additional issue, the share of RosElectronics would have been diluted to 7.2%. "The company states that the money is used to develop the export potential." But it is unclear what is meant, with the main specialization of Angstrem is military equipment and state defense order.

Rosnelectronics's refusal to approve the additional issue of the law on the matter of the matter, the law of the United States of America and the United States of America. More than 25% of the Angstrem, and only the majority of 75% of the votes can take the necessary decisions, explains the lawyer of Herbert Smith Freehills Denis Morozov .

For a long time, "little money was invested in Russian microelectronics", although the industry "assumed all state risks" complains in Angstrem. So, in 2016 Angstrem was included in the US Ministry of Finance's sanction list, which also included all major Russian manufacturers of semiconductor products. It is connected with the "significant deficit of semiconductor capacity" there. However, according to the report of Angstrem for the year 2017, the key source of revenue was the sale of products with military acceptance, the amounting to 1.3 billion rubles, or 95.5% of total revenue. The sales volume of the Angstrem in the foreign market in 2017 fell by 21% by 2016 and sum to 66.2 million rubles. By 2020, the company plans to increase the share of orders for products with civil acceptance to 40%.