Translated material
Departure to London is delayed
The leadership of Domodedovo changed his mind to go to the exchange, where they wanted 10 days ago. It is noteworthy that a week ago, a former Minister of Energy of Yusufov wished to buy a block -based airport block for $ 1 billion. If Domodedovo is sold to the “right” strategist, the raids on it may stop.
The Domodedovo airport does not add up to the placement of shares on the London Exchange. “The leadership of Domodedovo and its shareholders believe that in the current market conditions, shares cannot be evaluated at the level that reflects the real value of the company,” the Domodedovo official message said. If the market situation stands out, the Domodedovo managers say, the company may return to the idea of primary placement. Or maybe not to return.
Road Show was supposed to begin this week. The motivation for refusal (at least temporary) from the placement offered by airport managers does not look convincing if you take into account the fact that the application for placement was submitted on May 18, 2011. Yes, to carry out the placement in May is not a very successful idea. However, in two weeks on the market the situation has not changed catastrophically and the reasons should be sought not only in a market situation.
Domodedovo has not only problems with the assessment and the market situation.
In recent months, a fairly serious corporate attack has been undertaken for the company, the ultimate goal of which, apparently, is to capture the airport or serious price progress in case of its forced sale.
First, Domodedovo had a New Year's Transport Collapse, when thousands of passengers crowded at the airport. Then - a terrorist attack that was used by unknown Greenmealers for an openly frontal attack on the owners of the airport. Federal channels with ostentatious indignation spoke about the poor organization of the security system at the airport (only at Domodedovo).
Later there was a performance by Dmitry Medvedev. The prosecutor’s office, including the terrorist attack and his assignment to the prosecutor’s office, deal with the ownership of the company's management airport (the president was outraged by the fact that he did not know who owns Domodedovo). The Prosecutor General’s Office had long and quite actively versed, but the airport announced the IPO and himself revealed the owner, which turned out to be the chairman of the Board of Directors of Ist Line - the Airport UK - Dmitry Kamenchik. The media called him a co -owner of the airport earlier.
For the risks of “politics”, investors require significant discount - usually it is 20-30 percent, in the limit - up to 50 percent.
Such a sale to the airport owners is indeed disadvantageous. And it seems that they could not resolve the conflict until the announcement of the placement of shares in order to attract “international institutional investors”. This would seriously hit the plans of the invaders - I would have to take significant risks.
Between the application at the IPO and the rejection of it, one rather loud statement was made. Former Presidential Special Representative for International Energy Cooperation, Igor Yusufov, said that he was ready to buy an airport’s block -package for $ 1 billion, thus estimating the entire airport of 4 billion. In preparation for the IPO, the airport was evaluated by international banks and their verdict was that the airport could cost from 3.5 to 7.5 billion. Many analysts considered the upper boundary of the high range, believing that a fair price is rather somewhere around five billion or slightly lower. Given the discount “on politics”, just Yusufovsky 4 billion.
Thus, the owners of Domodedovo made a pretty good offer. The source of Igor Yusufov is incomprehensible. There are, for example, rumors that the Bank of the Bank of Moscow (officially announced only a 20 percent package) was acquired by his son Vitaliy Yusufov in the interests of the VTB Bank. It is likely that in this case we can also talk about the intermediary mission.
If the transaction for the sale of a significant package of Domodedovo shares will take place with a strategic investor, then one of the most tough corporate wars of recent years may end.
Then it will be possible to conduct an IPO - the risks of "in politics" will significantly decrease.
The story with Domodedovo shows that the main thing for Russian business is to agree with the right investor and then even the Prosecutor General’s Office is unlikely to be able to do anything.