Minority shareholders were allowed to "Children`s World," and here Suleiman Kerimov
12 января 2023 г., 08:16:43
1705
We will remind, earlier the company`s management launched the reorganization of Detsky Mir PJSC in LLC. After it was announced, the organization`s shares collapsed by 30%, and panic began among their owners.
The fact is that such a reorganization not only removes shares from the turnover of foreign and public owners, but also consolidates all power over the company in the hands of majority shareholders.
The collapse of the market to such a point naturally leads to an outflow of investments and to the redemption of shares held by minority shareholders. Since the exchange rate fell sharply and continues to inevitably "slide" down the curve (after December 31 there was a fall of 10%), the funds that shareholders will receive are several times less than the actual value of the securities before the announcement of the reorganization. And you have to sell according to the law - there is nowhere to go. Details in the material The Moscow Post.
Diagram of the value of shares of Detsky Mir. Photo: https://www.finam.ru
For clarity, let`s turn to the numbers. The management of Detsky Mir approved the allocation of 3 billion rubles for the repurchase of shares after the announcement of the reorganization of the company into a private LLC. With the condition that the amount of funds that Detsky Mir plans to spend on the redemption of securities "cannot exceed 10% of the value of the net assets of Detsky Mir PJSC as of the date of VOSA (extraordinary general meeting of shareholders). At the same time, the share of securities in free circulation was 60%.
Simple mathematics tells us that in the most successful scenario, shareholders will receive 20% of their value for their securities. "Winning" for "restructuring" in this case can be estimated at a minimum of 12 billion rubles.
Golden sand "Poles"
Who believes that the interests of Suleiman Kerimov can stand behind this story
The fact is that in 2021, former top managers of the Polyus gold mining company Pavel Grachev and Mikhail Stiskin became the main owners of the fund, which owns Detsky Mir. The largest shareholder of Polyus, in turn, is the son of Senator Suleiman Kerimov - Said. Another part of Detsky Mir (about 22%) is owned by Sberbank. In addition, Mr. Stiskin himself is a native of the Sberbank structure.
Kerimov and Gref have known each other for a long time and, apparently, have friendly relations. Otherwise, how to explain the fact that during the period when Kerimov was detained in Nice in 2017 on suspicion of money laundering and tax evasion, Gref did not skimp on his reputation and almost fenced off the senator in an interview with the Financial Times. Was he also involved in the affairs of Kerimov?
Gref on suitcases
In 2022, Sberbank, under the leadership of Gref, made a number of controversial transactions - it sold a lot of assets after the departure of former deputy Gref Lev Khasis from Russia and made several acquisitions. There is talk that such activity of the country`s main state bank is explained by the desire of its head to soon go after Khasis. The Moscow Post published documents indirectly indicating that Gref may have business interests in America.
Recently, a deal was made to sell Sberbank`s stake in the Croatian company Fortenova to Arab investor Saif Alketbi, whom detractors call nothing more than Mr. Gref`s "wallet." At the same time, the shareholders of this company learned about everything from the newspapers and hastened to doubt the legality of the operation. The case smacks of an international scandal and criminal prosecution of the initiators of the agreement. The Moscow Post covered the story in detail.
At the same time, Gref asks Elvira Nabiullina to allow banks not to have required financial reserves. Who can it be beneficial to bleed Sberbank by investing in projects that are profitable for him personally?
Political heavyweight, offshore "king"
These funds, as well as "surplus" from the restructuring of Detsky Mir, may also be withdrawn to offshore companies potentially associated with the Kerimov family.
It is known that the current senator until 2017 officially owned the financial company Grandeco. Until April of this year, his son Said Kerimov was listed as the founder, and a certain Bonum Capital LLC was the trustee of the latter`s share. The latter is registered at BONUM CAPITAL LTD, a Cypriot offshore company where funds from related companies can still flow.
Photo: https://www.rusprofile.ru
It is possible that Bonum Capital belongs to the Kerimov family, who thus try to hide from the eye of law enforcement officers and maintain influence in companies where dubious operations may be carried out.
Having Kerimov in his allies for Gref can be beneficial, including in terms of political influence. They said that structures, as it is believed, close to the senator, recently tried, in fact, to monopolize the advertising market in Russia. They almost succeeded, but such a tidbit could not help but attract other lovers of big money, so so far the question is in limbo.
Nevertheless, one cannot but pay tribute to Kerimov. The "fish" he burrows on says a lot about the seriousness of the senator`s influence. Recently it became known that structures close to it could gain control over the commercial seaport. The Moscow Post covered the story in detail.
Mamut, get out
Together, Gref and Kerimov could try to oust the oligarch Alexander Mamut from the market. His Hamleys distribution network wanted to expel the Central Children`s Store (CDM, formerly Detsky Mir) from the squares on a formal basis (allegedly unsatisfactory store pricing policy). The latter did not remain silent and through the court claimed the right to remain.
Another of our heroes is connected here. In fact, the Central House of Artists belongs to Hals-Development, which is associated with the interests of the head of VTB Bank Andrei Kostin. VTB and Kerimov`s structures have repeatedly collaborated in the business space. What can we say about VTB and Sberbank.
Kerimov and Gref could have quarreled with Mamut several years ago as a result of the fact that they did not agree on the price. The fact is that to the network of cinemas Mamut "Cinema Park" presented requirements for the return of debts Bank "Trust." The oligarch apparently did not have enough money, so he probably turned to Gref. And Sberbank bought the Rambler Group from him.
Knowing that Mamut had no choice in particular, Gref`s employees could significantly knock down the price of the asset, which was probably the reason for the cooling of the relationship between him and Mamut. So in a situation where it is necessary to share, they decided to simply get rid of the latter.
How to "throw" everyone
In total, we have beneficiaries from what is happening in the "Children`s World" of its main owners. And all would be fine if it were not for the actual "joke" of minority shareholders of the company, of which there are more than a dozen. Perhaps this time Gref and Kerimov will not get away with everything?
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