The parties are preparing to close a deal to buy out an additional share issue of the Nizhny Novgorod airport

The procedure for the entry of Yekaterinburg Koltsovo Airport into the share capital of OJSC MANN has reached its final stage. The board of directors of the Nizhny Novgorod airport approved the decision of the shareholders meeting on the additional issue of about 281.5 thousand shares of the company, which will be acquired by Koltsovo for 710 million rubles. As a result, the company will receive 73.621% of the shares of Nizhny Novgorod Airport. The authorities of the Nizhny Novgorod region will retain a stake of 25.001% of the securities. Analysts indicate that the placement price significantly exceeds the fair estimate, but does not compare with the declared volume of investment in the upcoming reconstruction and modernization of the Nizhny Novgorod airport.

The Board of Directors of OJSC Nizhny Novgorod International Airport (JSC MANN) at yesterday's meeting approved the decision of the general meeting of shareholders on the additional issue of about 281.5 thousand shares of the company with a par value of 812 rubles. each. As Kommersant was told at the Nizhny Novgorod airport, the shares with a total par value of over 228.5 million rubles. will buy out OJSC Koltsovo International Airport (Ekaterinburg, part of the Renova group of Viktor Vekselberg) through a closed subscription for 710 million rubles. The placement price will thus be 2,520 rubles. per share.

As a result, Koltsovo will receive 73.621% of the shares of Nizhny Novgorod airport. The authorities of the Nizhny Novgorod region will retain a stake of 25.001% of the securities. As a result of the placement of an additional issue, the authorized capital of OJSC MANN will increase to 310.4 million rubles. “Resolving the technical issues of placing an additional share issue will take two to three months,” predicts General Director of Koltsovo Airport Evgeny Chudnovsky. The company did not specify what further actions of MANN and Koltsovo will be after the redemption of the shares of the additional issue and when the composition of the board of directors of the Nizhny Novgorod airport will change, citing the fact that at the moment all the attention of both parties is focused on activities related to the additional issue.

In February of this year, Koltsovo International Airport OJSC was recognized as the winner in the competition for the selection of a strategic investor for the Nizhny Novgorod airport, which was held by the government of the Nizhny Novgorod region. In addition to the Yekaterinburg company, Novaport LLC and the Moscow NGO Russian Development Fund “Regional Programs” were competing for the asset in the finals. The purchase of an additional share issue of the Nizhny Novgorod airport was one of the conditions for the investor’s access to the management of this asset. According to the tender documentation, the company that won the competitive selection to identify a potential investor for OJSC MANN was required to purchase 281.5 thousand shares with a par value of at least 2,520 rubles as part of the additional issue. each (that is, the cost of the package could not be lower than 709.38 million rubles).

The head of the analytical department of the Aviaport agency, Oleg Panteleev, notes that the amount of the transaction does not look so significant against the background of the volume of investments that are planned to be made in the reconstruction of the airport complex (in the next five years alone, the amount of declared investments in the project will amount to 2.7 billion rubles. - „Ъ“). “The main capital investments are ahead,” the expert sums up. Based on the current financial indicators of OJSC MANN, according to the estimates of IFC Metropol analyst Andrey Rozhkov, the fair value of the entire airport company can reach about 250 million rubles. - therefore, a package of 73.6% of shares, according to a fair estimate, should have cost Koltsovo approximately 180 million rubles. Mr. Rozhkov explains that the purchase price of the additional issue exceeds its fair valuation by using the volume of cash flows expected to be generated by the airport in the calculations in the next three years. “In any case, Koltsovo does not lose anything - funds from the additional share issue can also be used to develop the Nizhny Novgorod airport,” he added.

Comparing the parameters of the current transaction with the previous purchase of the Novosibirsk airport (51% of the shares of the local JSC Tolmachevo Airport went to Novaport for 2.8 billion rubles - Kommersant), Oleg Panteleev notes that in this case the shares of the airport company were purchased with greater capitalization and registered passenger traffic.

Anna Pavlova, Stanislav Zalugovsky

MANN will cost Koltsovo 710 million rubles