Financial News and Economical Crisis

Company Ukrtatnafta held an auction to sell 18.3% of the shares transferred to her as a result of years of trials. Winner of auction has become a firm Korsan, which is associated with the group Privat Igor Kolomoyskogo. Prior to the acquisition of its stake in the refinery was low - 1.25%. Why are the largest shareholders not to take bids for the shares?

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According to the law, to apply for the purchase of a package to any of the current shareholders of the oil company. Auction Committee informing them of the date and conditions of the bidding process in the period. However, neither NAC Naftogaz Ukrainy (owns 43.1% shares), nor Tatneft (8.6%) nor Minzemimuschestva Tatarstan (28%) did not compete with minorities from the Inside.

Meanwhile, Naftogaz of Ukraine applied for participation in the bidding, but the auction committee rejected it. There were serious comments on the application form, its content, as well as the deposit was not made, - explained the head of department of corporate rights and equity Ukrtatnafta Igor Leshchenko.

At the request of Naftogaz Deadline has been extended until June 26. The second option goskompanii application was accepted, but the deposit amount NJSC never made. In addition, the letter Naftogaz auction committee, read out after the bidding, that finplanom Naftogaz 'costs of the acquisition of blocks of shares are not included. Analyst IR Dragon Capital Denis Sakva noted that the initial price of shares - 1,5 billion UAH. - Gives the value of the company to 8.196 bln. That is quite commendable.

On the other hand, the expert believes that if Naftogaz has acquired a proposed package that would increase its share to more than 60%, which allows assembly and appoint its management. However, Naftogaz now have enough other problems (with payment of gas) to seek funding for the purchase of this package, - stressed Sakva.

Tatar shareholders did not participate in the auction for several reasons. In Tatneft called initial value of the lot exaggerated. In addition, the Company believes that the auction should not have been carried out until the ongoing litigation regarding the 18.3% stake in international courts.

Location grow legs

be placed on the auction package originally was under the control of an Tatneft. In establishing Ukrtatnafta it was purchased in the interest of Russian companies in two offshore - SeaGroup International Inc. and AmRuz Trading AG. But in 2009 the Supreme hozsud Ukraine declared the deal illegal. The reason for the decision was that made to pay bills were not paid by companies in the statutory period.

On this basis, the Tatars tried to reverse the auction. They filed an appeal to the Supreme hozsud decision hozsuda Ukraine, Poltava region, which the management company was obliged to hold a tender on sale of shares outstanding. Nevertheless, according to the chairmanof the auction committee, and. about. Vice Chairman of Ukrtatnafta Valeria Kornelyaka, it could not become an obstacle to the bidding process, since the organization of the auction committee was guided by the law on economic societies. Under the law, the issuer can not hold shares in their accounts for more than a year.

Thus, in the absence of competition Korsan was the only applicant for the disputed shares. Given this fact, the auction committee decided to increase the starting value of the lot from 1,5 to 2,1 billion UAH. The representative of the company Korsan Gennady Korban agreed, after which the company was declared the winner. We can pay up to 2,5 billion UAH. Ukrtatnafta is worth it, - he said. Do not lose from the competition and the state. Paid for 18.3% of the shares in an amount of 2.1 bln. ($ 275.3 million) increased the capitalization of Ukrtatnafta to $ 645.8 million price of state at the nominal cost of $ 42 million grew to $ 648 million

Korban expressed the hope that with the auction at the corporate conflict Ukrtatnafta utihnet. Remember: it broke out because of the fact that in 2007 the disputed shares of the company were transferred to the storage of Naftogaz. NAC takes this situation, the attempt to hold meetings of shareholders, not taking into account the interests of its partners. In protest, Tatneft has stopped the supply of oil to Kremenchugskoe company. As a result, the plant almost two years lost.

Vasily Petrov

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