vaninoport.ru

The Vanino port for the buyout of shares from minority shareholders who disagree with interested-party transactions is valued at 28.92 billion rubles (at 214,393 rubles per ordinary share), according to the port's disclosure. This is slightly higher than the valuation of Vanino during the privatization of the state-owned stake (28.1 billion rubles for 100% of the capital). And significantly higher than the valuation based on which Uglemetbank, controlled by the NPF Mechel-fond, offered for Vanino port shares in the spring - 17.06 billion rubles (126,500 rubles per ordinary share).

The port assessment was conducted in May by an independent assessor, OOO Esardzhi-Otsenka, according to the port's materials. The port's board of directors recommended approving this assessment at a meeting on August 9.

The extraordinary meeting is scheduled for September 16. Shareholders will have to consider several interested-party transactions totaling 7.3 billion rubles. The largest of them is worth 5.2 billion rubles. A minority shareholder in the port told Vedomosti that this is a long-term contract with Mechel for coal transshipment. Shareholders who voted against or abstained from voting will be able to demand the buyback of their shares within 45 days after the meeting.

A Mechel representative declined to comment.

Minority shareholders own 5.92% of the port's ordinary shares (including 0.3% for management), according to a source close to one of the port's minority shareholders. He thinks that they will take advantage of the opportunity and sell their shares to the port. The port will be able to either sell them within a year or pay them off. If all minority shareholders want to take advantage of the opportunity, Vanino will have to spend 1.08 billion rubles on the buyout.

Mechel and its partners own 94.08% of Vanino's common shares. After purchasing Vanino from the state at the end of last year, Mechel sold the port's shares to three "investors" - Sedmino Investments Ltd., Opern Trade Limited, or Travine Traiding Ltd (each with 23.68% of the common shares). Then Mechel Trans bought 21.6% of the common shares and 47.6% of the preferred shares (11.89% of the capital, it is unclear who owns the rest) of the stevedoring company from En+ for 4.77 billion rubles. By October, Mechel Trans may sell the shares (22.4% of the common shares and 47.6% of the preferred shares) to one of these foreign investors for $174.6 million (5.5 billion rubles). Who he is has not been disclosed.

Vanino is growing in price