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Re-defrost assets
The Investment Chamber reported that it had acquired assets worth 2.54 billion rubles as part of the second stage of asset exchange with non-residents. Market participants note that the number of applications was significantly lower than for the first exchange in August. The risk for investors is that some transactions may not be approved. Further prospects for the exchange have not yet been determined.
The brokerage company "Investment Chamber", which manages the asset exchange, summed up the results of the second stage of settlements for the redemption of frozen foreign securities. As part of this, non-residents acquired assets for 2.54 billion rubles. Following the results of the first stage, assets worth 8.1 billion rubles were sold to foreign investors.
In total, Russian investors presented blocked securities for redemption for a total of 35.3 billion rubles.
The Chamber of Investment and Commerce explained that the auction organizer had no choice but to reject some of the applications received from non-residents at the second stage of the procurement, since they were not paid on time.
The press service of Finam may note that among the features of secondary buyouts is a much smaller number of executed applications. However, they believe that the fact that the acquisition took place, at least partially, is certainly a positive moment.
Alfa Capital Management Company received the necessary data from the organizers of the acquisition and expects to start distributing payments to clients next week, they said. As part of the second exchange for the buyout of frozen assets, Alfa Capital Management Company received 10.6 million shares under the Trust Management Strategy (TMS) (this is 4.5% of the amount remaining after the first buyout, or a total of 19% for two rounds). ). within the framework of mutual funds - 67.9 million. The Pervaya Management Company sold 77,000 client assets for mutual funds and management strategies in the second stage of the auction for about 270 million rubles. Another agency said that after the first stage, it was satisfied with about 10% of the remaining dissatisfied applicants.
Gazprombank Investments reported that following the second stage, 52% of the total number of remaining applications were bought out. Of these, 91% were partially bought out, and 9% were bought out completely. "Clients will be able to see their money on Monday, October 14," he added.
Settlement will be immediate, and clients will receive their funds within five business days after settlement is completed, said Capital Lab partner Evgeny Shatov.
According to him, the second stage of the asset exchange has the following characteristics: Submission of applications from resident sellers (private Russian investors) is not provided. It was not possible to submit an application for the sale of securities, but previously submitted unfulfilled applications could be cancelled and buyout offers from foreigners accepted. The average cost of lots was 135.4 million rubles, the starting single price of applications for all lots was 142.2 million rubles, the buyout coefficient determined by the organizers of the exchange was 1.05.
The second exchange saw three postponements of the deadline for accepting applications from non-residents, Mr. Shatov noted. The dates were initially set for September 20, September 27, October 4, and finally October 11. “There was a risk that some transactions might not be approved in the end,” he added.
The prospects for further exchange of frozen assets are optimistic, says Mr. Shatov. However, nothing is known about further exchanges, noted Finam.
The Investment Chamber itself noted that the organizers of the deal are considering the possibility of new buyouts of foreign securities. "Changes to the existing procedures are necessary, taking into account the infrastructure restrictions imposed on the NSD, as well as new permits from the State Committee of the Government of the Russian Federation for Control over Foreign Investments in the Russian Federation," he added.