Sverdlovsk Region Government agreed to transfer at least half of the stake in «Koltsovo» airport, which is under the control of the authorities, the structure of Viktor Vekselberg, who is the major shareholder of the asset. And the regional budget risks not get from this transaction dime. Deputy Prime Minister Sergei Zyryanov has already voted for the issue of new shares "Koltsovo", which will buy the company tycoon, after which the share belonging to the area of the airport shares will decline or to 22%, or at all to zero. Who will be responsible for this step - in Znak.com material.
The composition of shareholders of "Koltsovo" airport, which will decide the fate of the regional asset package. The largest number of votes in the decision will belong to JSC "Airports of Regions" and the Development Corporation of the Middle Urals (KRSU). EGM "Koltsovo" will be held January 21 and will be held in absentia. The agenda of the meeting the question of an additional issue of shares "Koltsovo". Buyer of newly issued shares will increase the control of the asset, and the rest - Dto reduce.
"Airports of the regions" - the country's largest airport holding company, controlled by Viktor Vekselberg. It owns 50.19% of ordinary shares of the airport. 46.08% of the ordinary shares of "Koltsovo" currently controls the government of the Sverdlovsk region. Recall that recently with a regional stake suchilas scandal. Former Director KRSU, the authorized capital of which this package was introduced, Sergey Filippov, accused of trying to sell the shares in part anonymous Moscow companies at unfavorable conditions for the regional treasury.
Despite the fact that the sales contract was signed in the spring, it has not been made. The Arbitration Court of Sverdlovsk region declared the deal null and void. At the trial of the action handed KRSU the Regional Ministry for State Property Management (MUGISO). But the location of the securities as a long hidden from the public and from the Legislative Assembly deputies.
Recently, on 18 December, the regional interest "Koltsovo" returned KRSU. So what exactly KRSU instead MUGISO will golosovat the shareholders' meeting on 21 January. It should be noted that the issue will be solved in two stages. The first meeting of shareholders will be held on 31 December. It will consider the additional issue and necessary for carrying out its amendments to the charter. And on January 21 will consider the sale of the shares to the investor.
According to official information "Koltsovo" in the additional issue will be placed 200 th. Common shares. Now the authorized capital of the airport is 179 200 thous. Ordinary shares. There are 59,763 preferred shares, but they have no government. Additional emissions will buy "Airports of the regions." According to the disclosed data, the placement price of one share will amount to 30,358 rubles. That is, the buyer - the structure of Viktor Vekselberg, will pay for a package of more than 6 billion rubles. Recall that 6 billion rubles - the cost of the investment program of "Koltsovo" in which the airport will be reconstructed to hold the 2018 World Cup. Recently it was reported that the implementation of the investment program falls squarely on the shoulders of the investor. That is, the regional government as a shareholder Mr.It will be spent on its implementation, but for it loses its interest in the asset. The question is - how.
The fact that the decision of the board of directors not specified nominal value of issued shares. If it still is 1 ruble, the authorized capital of the airport will increase by almost 2-fold to 438 963 shares and the share KRSU will be diluted to approximately 22% of ordinary shares. In the event of such a development a small part received from the sale of an additional share issue amount will be directed to the authorized capital, and the lion's share will go to the implementation of the investment program.
The regional budget will not receive money from the additional issue. In addition, the remainder of the package is not blocking and sell it later to someone other than the principal owner, will not succeed. The price of this package is automatically reduced. If the authorities decided to put a blocking stake "Koltsovo" in the auction, the Treasury Direct benefits would be a significant and obvious.
But there is another version. If the value of the newly issued shares will be 30 358 rubles (again - from the published decision of the Board is not clear), the authorized capital of "Koltsovo" fly up to 6 mpg rubles, and the proportion of the area will be diluted to accidents 0.00000014%. Legally, this is possible if an agreement between the shareholders and if the appraiser concluded that this amount - 30 358 rubles - is the market share price.
additional issue of "Koltsovo" failed to find out the position of general director Igor KRSU Vizgin on. The corporation did not give comments. However, it is unlikely the manager will personally make a decision. Corporation 100% owned by the Government of the region, which is likely, and will decide the fate of the packet. Recall that «Koltsovo» Board of Directors has already approved and an additional issue and its terms. Moreover, according to the protocol "for" carrying out an additional issue voted for all nine board members. These include, and Deputy Prime Minister Sergei Zyryanov. So, a decision in principle has already been taken.
Deputy of the Legislative Assembly of the region Denis Noskov, tracking the fate of "Koltsovo", promised to send a request to the authorities to clarify their position on the upcoming share buyback airport.
Lawyers say more about other possible pitfalls in the additional issue. For example, thatIn theory "airports in the region" can not pay the additional issue of money and property. For example, shares in other airports of the holding. Moreover, not all of these airports today financially successful. This means that the investor's investment in the additional issue will be minimal.
Another interesting point: in the case of reducing the share of government it will result in the loss of opportunity to get the budget owed part of retained earnings "Koltsovo". According to observers, in the eight years of work based on the results of 2014 it can reach about 8 billion. Rubles. The share of the Sverdlovsk Region, to the additional issue may account for about 2.7 billion rubles.