The number of RAO UES of Russia shares owned by its minority shareholders and proposed for redemption has come close to the upper limit fixed by law. Yesterday marked the deadline for the shareholders to make their choice. According to an RBC Daily source within the energy holding company, redemption was proposed for securities worth RUR 90 billion, with the maximum amount RAO UES is allowed to spend on redemption being equal to 10% of its net asset value, i.e. RUR 102 billion. As RBC Daily has learnt, the shareholders had submitted for redemption securities worth about RUR 80 billion, as of 3 p.m. yesterday. By evening, this amount had increased by another RUR 10 billion. "These are not final results yet, since the counting is going on and applications for redemption are being verified," the source within RAO UES told RBC Daily. In her turn, head of RAO UES Media Relations Department Marita Nagoga confirmed once again that the energy holding company will honor all its obligations to the shareholders. "All securities will be redeemed within the time limit fixed by law," noted Ms. Nagoga, adding that on 14 December RAO UES Board of Directors will meet to sum up official results of collection of redemption applications from shareholders who disagree with the energy holding company's reorganization. The Directors' Board is also to approve sale of those securities. Alexey Serov of Investment Company Financial Bridge is confident that the risk of global overvaluation of the holding company's assets is weighing upon its securities forcing investors to fix profits. On the contrary, Stanislav Kleschev of VTB 24believes that such a small number of applications bespeaks expectations by most players of a robust growth of RAO UES quotations. Analysts had earlier estimated that proposed for redemption would be up to 25% of the holding company's stock worth over RUR 300 billion. |
