Shareholders of Rostovertol got into a fight

Psychic attack on the Rostov helicopter
Unknown investors are feverishly buying up shares of Rostvertol JSC
Over the past three weeks, stock quotes for one of the largest Russian helicopter manufacturers, Rostov-based JSC Rostvertol, have increased 10-fold. Most observers are inclined to explain the fantastic growth in the market value of the association's securities by the struggle of Rostvertol's top management with third-party shareholders. There are many versions about the identity of the instigator of this fight: the Moscow Olimpiysky Bank and some mysterious competitors of Rostvertol from London are named as such.

Rostvertol produces military and transport helicopters Mi-35, Mi-24, Mi-26T, Mi-28N, and provides 26% of helicopter exports from Russia. The largest shareholders of the enterprise: Rostov-based CJSC MBV (17%), Olimpiysky Bank (15%), and the Rostvertol workforce (56.65% of shares). The company's balance sheet profit for 1996 was 28.4 billion rubles. Accounts payable as of January 1, 1997 - 67 billion rubles.

In Rostov, Rostvertol shares were constantly being bought up with varying degrees of activity. The excitement around the association's securities arose in mid-May, when there were about three weeks left before the joint stock meeting of the joint-stock company scheduled for June 7. In a matter of days, the share price of the helicopter plant soared from 40 thousand rubles. up to 340 thousand rubles. And towards the end of May, rumors spread around Rostvertol: they were buying up not only the voting shares of the association, but also powers of attorney for these securities, giving the right to vote at the upcoming meeting. Moreover, the price of such a power of attorney per share allegedly reached $10-20.
In addition, leaflets began to be distributed at Rostvertol, calling on the company's employees to refrain from selling their shares. Versions have also emerged about who ordered the feverish buying. Version one and main: third-party shareholders - Olimpiysky Bank and the MBV company - became buyers of Rostvertol's securities. The fact is that the agenda of the June meeting of shareholders of the association included the issue of an additional issue of Rostvertol securities. The authorized capital of the enterprise was supposed to increase almost one and a half times (to 306 billion rubles). According to some reports, third-party shareholders saw in the additional issue a threat of “dispersal” of their stakes. To block such an important issue at the meeting, you must have more than 25% of the company's shares, and the hype around Rostvertol shares is just an attempt by shareholders to gain such a stake by June 7.
However, the head of the stock department of the Olimpiysky Bank, Sergei Drozdov, chose not to comment on these rumors to the Kommersant-Daily correspondent, suggesting “to wait until the next shareholder meeting.” Employees of ZAO MBV claim that their company did not take part in the spring pursuit of Rostvertol shares at all.
And even the general director of the association, Mikhail Nagibin, told the correspondent that there is no conflict between third-party shareholders and the plant: “They are our partners.” And regarding the reasons for the sharp rise in the market value of Rostvertol's securities, Mikhail Nagibin said that he has versions on this matter, but he does not have the right to talk about them without documentary evidence. In general, the plant's management tries not to call the fight with third-party shareholders on the issue of additional issue a “conflict.” Formulations like “small discrepancies on financial issues” are used.
By the way, there is a second possible explanation for the events occurring at Rostvertol. And in this version of the explanation, Russian third-party shareholders do not appear. For a month now, persistent rumors have been circulating in Rostov that the shares of the helicopter association are being bought through front men by certain Western investors whose headquarters are located in London. They also talk about the reasons for such close interest of foreigners in the enterprise of the Russian military-industrial complex. In February last year, Rostvertol received the right to independently enter the foreign market with its products. On June 15, at the air show in Le Bourget, the Rostov association and the Moscow Helicopter Plant named after. M. L. Mil will present their new development - the Mi-28N combat helicopter. "Rostvertol" is the base plant for the production of these means of destroying enemy manpower and equipment. The volume of the world market for cars of this class is no more than 120 units per year. It is possible that Western competitors, by infiltrating Rostvertol shareholders, will try to stop the Mi-28N from entering the foreign market (or gain access to documents on the foreign economic plans of the Rostov association).
Whatever the real reasons for the struggle for Rostvertol shares, the meeting of shareholders of the association held on June 7 brought good luck to external shareholders. Only 50.7% of the company's co-owners voted for the additional issue of Rostvertol securities. In 1997, the board of directors of the association will no longer deal with this problem.
Komersant-Daily will monitor the development of the situation at Rostvertol.

IGOR Kommersant-BURAKOV

Newspaper "Kommersant" No. 87 dated June 10, 1997, p. 10