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Articles & publications
08.04.2010
Svyazinvest CEO Yurchenko ups stake in UTK from 3.48% to 4.84%Interfax
The director general of Svyazinvest Evgeny Yurchenko has increased his stake in the charter capital of Southern Telecommunications Company (RTS: KUBN) (UTK) from 3.481% to 4.843%.
The proportion of Mr. Yurchenko’s common shares remains unchanged at 4.34%.
As a result, the stake of the holding’s head in the company’s charter capital increased by raising his interest in preferred shares.
In recent months, Evgeny Yurchenko has been ramping up his holdings in RTO prefs.
Yesterday, CenterTelecom (RTS: ESMO) announced that the head of Svyazinvest had raised his stake in the company’s charter capital from 5.82501% to 6.52384%. In addition, his holding of common shares remained unchanged at 7.41765%.
Last week, Sibirtelecom (RTS: ENCO) disclosed information that Mr. Yurchenko had raise his share in the operator’s charter capital from 2.1807% to 3.256%, while his holding of common shares had risen from 2.7155% to 2.8622%.
At the end of March reports circulated that the top manager had lifted his stake in VolgaTelecom (RTS: NNSI) to 3.390593% (2.668669% of common shares) from 1.929153% (2.572154%).
As a result, the director general of Svyazinvest has purchased not only common shares, but also prefs in the Siberian and Volga operators.
Evgeny Yurchenko’s share in Far East Telecom (RTS: ESPK) recently rose from zero to 0.7306% (0.4416% of common shares).
In October 2009 the head of Svyazinvest sold his holding in Far East Telecom in a repo transaction along with shares in a number of RTOs. At that time, Evgeny Yurchenko owned 0.6967% of the operator’s charter capital and 0.4416% of the Far East operator’s voting shares.
Even though his stake of common shares could remained unchanged after the securities are released from pledge, while his share in charter capital went up.
The regional telecommunications operators of Svyazinvest are preparing for reorganization via a merger with the holding’s largest subsidiary, Rostelecom (RTS: RTKM) which entails a share swap.
The decisions regarding reorganization should be approved by three fourths of the votes of shareholders attending the meeting, including the owners of preferred shares (Svyazinvest’s stake in RTOs including prefs is equal to 38%).
According to an appraisal performed by Ernst & Young, the stake of the current Rostelecom in the merged company amounts to 29.35%, while that of CenterTelecom is 16.44%, 11.12% for VolgaTelecom, 10.33% for Sibirtelecom, 6.14% for UTK and 4.08% for Far East Telecom.
Based on these appraisal figures, the ratio for swapping common shares of CenterTelecom into the shares of Rostelecom will be 3.866x, for preferred shares 4.919x, and for those of VolgaTelecom 0.891x and 1.134x respectively. The shares of Sibirtelecom owned by Evgeny Yurchenko could be exchanged for shares in Rostelecom at ratios of 46.592:1 (commons) and 59.288:1 (prefs), accordingly. The swap ratios for the common and preferred shares of UTK will amount to 19.378x and 24.654x, respectively, and 0.939x and 1.195x for Far East Telecom.
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