How to avoid an offer

Onexim will not redeem the TGK-4 shares by January 29 to the Moscow Arbitration Court will prepare why the ONEXIM Holdings LTD Offer’s guarantee is invalid. The bank gave a guarantee in the amount of 25 billion rubles, according to which he pledged to pay all TGK-4 minority-4s presented for the redemption. The lawsuit was satisfied on January 22 in favor of Griodio LTD, Cyprus Offshore Onexim.

The court’s decision on the guarantee of Rosbank of the TGK-4 minority is not supported and are going to further defend their rights. The main thing is that they are now interested in is to recognize the offer itself invalid.

The Prosperity Capital Management (RSM) of the Gazeta correspondent said that they would appeal the decision of the court that invalid the guarantee of Rosbank. “Having made this judicial act, the court returned the level of development of the Russian judicial system for 15 years ago, when judicial acts were issued in the claims of some persons that were not related to the subject of the dispute, more than substantially and obviously violating the rights of other persons,” the fund noted.

The only lawsuit that Onexim was withdrawn is to Morgan Stanley, which owns about 10 billion TGK -4 shares. The reasons for the recall of the claim are not known. At the price of the offer, the bank package is estimated at 270 million rubles. The ONEXIM suits the rest of the minority.

Meanwhile, FSK and RusHydro decided to sell a stake in TGK-4, as well as in TGK-2. The company's decision is not commented. Previously, they, like all other TGK-4 minority, were going to defend their interests in all legal ways. Funds from the implementation of stock packages are necessary for companies to implement investment programs. Now, as it became known to Interfax, state-owned companies agreed to sell shares at the price of an offer of 0.025 rubles per share TGK-2 and 0.027 rubles per share TGK-4. As a result, RusHydro will be able to receive 342 million rubles, and FSK - about 1 billion rubles. The solution, of course, is on the hands of both Onexim and the “Kores”, because in which case it will not be necessary to spend money on the redemption of papers. But now the main thing is that RusHydro and FSK find the buyer. Elena Yushkova from AK Bars Finance believes that only the state will be able to redeem off the share of the action, transactions with other applicants will be much cheaper, since during the crisis of paper the genitals fell greatly in price.

Recall that in the fall, new strategic investors who have been released from the RAO of the Russian RAO TGK -2 and TGK -4 - Cores Invest and Onexim Holdings - refused to perform mandatory offers of minority shareholders. Now they are trying to get money through their shares through the courts.

Experts note that the RSM in their struggle goes to the principle. Indeed, the recognition of the invalid guarantee of the bank does not mean recognition of the offer itself invalid. Onexim can pay for the offer, because it is mandatory. But other minoritarians can follow the example of state -owned companies - just selling shares. In this case, there will be no violation of the law, confirmed by Alexander Chernyshev, a senior lawyer of the Law Firm Vegas-Elect.

01/25/2009 / Ekaterina Bogomolova