21 January 2016

Company shareholders suspected of affiliation

Co-owner and CEO of PIK Sergey Gordeev consolidated 33.8% stake Ruspetro and must make an offer to buy out the other co-owners, the company said. Representatives of the businessman does not comment on the situation, but the sources of «Kommersant» claim that the error occurred and its share in Ruspetro still less than 30%.

Ruspetro, trading on the main market of the London Stock Exchange, said on Friday that the company Mastin Holdings and the bank «FC Opening», co-owner of which is the general director of PIK Sergey Gordeev, can be shared with Sobny Group Corporation to dispose of 33.8% of the company’s shares. This question is important, because in the case of the consolidation of more than 30%, according to the requirements of British law, a shareholder must put other co-owners of the company’s offer to buy their shares — or reduce its. Before that Sobny Mastin and be able to vote at meetings of shareholders of not more than 30%.
Ruspetro develops three sites in West Siberia within the Krasnoleninsk group of fields. Most of the hydrocarbons occurs in low-permeability reservoirs Bazhenov formation, making them difficult to catch. In the first half of 2014 the company reduced its production by 38% to 460 ths. Tons, revenues — by 35% to 8 mn, EBITDA thus increased na20% to 2 million. Proved oil and condensate category 1P rose 8% to 28 million tons, total debt at June 30 amounted to 0,000,000.

Mastin entered the capital Ruspetro in late 2014 within the restructuring of the oil company’s debt to Sberbank in the amount of 7.2 million. In December Mastin has agreed to buy back the debt to «Sberbank Capital» in exchange for 24.99% of the shares Ruspetro, estimated at 7.2 million. The remaining debt of 150 million five-year loan designed as «FC Opening» where Sergey Gordeev 6.38%. Sobny acquired 8.81% stake Ruspetro in early December, information about the deal appeared in early February, but the ultimate beneficiary and the seller were not disclosed. The second largest stake Ruspetro (24%) is owned Cypriot Limolines 50% owned Luxembourg Altera Investment Fund Kirill Androsov. Reach him failed.

Representatives of the «FC Opening» Gordeeva and Sergei refused to officially comment on the situation. But the source of «Kommersant», close to the side of the transaction, assured that the error has occurred: in transaction Sobny Bank acted only as a consultant and it has nothing to do with the debt restructuring Ruspetro to Sberbank. «We will act within the framework of British law and explain the situation to other shareholders of the company», — assured source «b».

The transaction can not really have a relationship to Mr. Gordeev, said Managing Director of Advance Capital Karen Dashyan. However, he notes, it is unlikely that in a situation of unstable oil prices, someone decides to invest in a company that are in the early stages of field development and in need of investment in infrastructure. According to him, in the current market the deal, like many others, most likely took place in the framework of debt restructuring.

To prove that Sobny not affiliated with Mastin, companies will have to disclose the whole chain of its shareholders, the lawyer «Hrenov and partners» Vasily Vasilyev. According to him, the company may do so voluntarily, convinced management Ruspetro, or Mastin have to go to court, who will prescribe Sobny reveal the ultimate beneficiary. In addition, information may be disclosed with the assistance of management of the London Stock Exchange, said the lawyer. Otherwise, he concludes, restrictions on shareholders Ruspetro will operate in the future.