Alexander Tynkovan and his Partners Pavel Breev and Mikhail Tynkovan Agree to Sell Entire Interest in M.Video to Safmar Group
(Thomson Reuters ONE) -
* Safmar Group will acquire 100% of an investment company owned by Alexander
Tynkovan and his business partners. The investment company in turn owns
57.7% of PJSC M.video. Under the agreement the acquisition price will be USD
7 per share of M.video;
* As a condition of the acquisition, an agreement has been reached whereby
Safmar Group will make a voluntary tender offer to all minority shareholders
of PJSC M.video at the same acquisition price;
* M.video will continue to operate as usual, and the entire management team
will remain in place throughout the transaction process and after
completion.
Moscow, 14 December 2016 - Alexander Tynkovan, the founder, President and CEO of
M.video (MOEX: MVID), Russia's largest consumer electronics retailer, ("the
Company") and his partners Pavel Breev and Mikhail Tynkovan, today announce the
signing of an agreement to sell their entire interest in PJSC M.video to Safmar
Group. Under the agreement, Safmar Group will acquire 100% of shares in an
investment company owned by Alexander Tynkovan and his business partners. The
investment company in turn owns 57.7% of M.video.
The agreement ensures fair and equal treatment of all M.video shareholders, as
it includes as a mandatory condition to completion of the transaction a
voluntary tender offer to be made by Safmar Group to all minority shareholders
of M.video to acquire their shares (the "Voluntary Tender Offer") at the same
acquisition price as that paid to Alexander Tynkovan and his business partners.
The Voluntary Tender Offer will be secured by a bank guarantee, in compliance
with applicable legislation.
Completion of the transaction is subject to all necessary regulatory approvals
being obtained.
The M.video management team will remain fully engaged in the operational
management of the Company both before and after the transaction closes.
Alexander Tynkovan and Pavel Breev will also provide all necessary support
following completion of the transaction, in order to ensure a seamless
transition and continued growth to benefit shareholders, partners, employees and
customers alike.
M.video has built one of the best corporate governance systems in Russia, and
has an experienced and strong management team led by Enrique Fernandez, CEO of
M.video Management LLC, which will ensure operational continuity throughout the
transition period and thereafter.
Alexander Tynkovan said: "In the more than 20 years since I founded M.video, our
Company has transformed from a small shop into the largest company in its
sector. But what is more important is that we have created a highly efficient
management system that will drive M.video's sustainable growth in future. The
Company is ready to achieve new and ambitious goals, and fresh investment from
the new shareholder will help take it to the next level. I am a strong believer
in the future of the new Company and will be pleased to support the management
and new shareholders after the transaction completes."
BIN Group (Safmar) founder Mikhail Gutseriev said: "M.video is one of the
outstanding companies in its field, and we see it as the base for Safmar Group
to expand its business in the non-food retail sector. We look forward to working
with M.video's professional management team, and to benefiting from its
experience and expertise. I would also like to express my appreciation to
Alexander Tynkovan and Pavel Breev for their support and readiness to work with
us after the transaction closes."
Today at 1700 Moscow time (1400 London time) Alexander Tynkovan and the M.video
management team will hold a conference call for investors and analysts,
including a Q&A session.
Russia: +7-495-221-6523 or 8-10-8002-041-4011
UK +44-20-3043-2440 or 0808-238-1774
USA +1-877-887-4163
PIN code: 93768518#
Media contacts
For the Sellers
Denis Denisov, denisov(at)em-comms.com, +7-985-410-3544
Tom Blackwell, blackwell(at)em-comms.com, +7-919-102-9064
Peter Morley, morley(at)em-comms.com, +44-7927-186645
For Safmar Group
Maria Tatevosova, tatevosovamr(at)russneft.ru , +7-903-773-49-11
M.video investor contacts
Ekaterina Sokolova, CFO and head of investor relations
Ekaterina.f.Sokolova(at)mvideo.ru, ir(at)mvideo.ru, +7 495 644 2848 extn. 7646
Valeria Andreeva, head of PR, Valeria.andreeva(at)mvideo.ru, +7 495 644 2848 extn.
7386
About the sellers
Alexander Tynkovan, member of the Board of Directors, President and CEO of
M.video
Alexander Tynkovan was born on 14 June 1967. In 1992 he graduated from Moscow
Energy Institute. He founded M.video together with partners in 1993 and has
serves as the Company's President and CEO ever since. From 2008 to May 2015 he
was a member of the Supervisory Board of X5 Retail Group N.V.
Pavel Breev, member of the Board of Directors, Vice-President of M.video
Pavel Breev was born on 22 April 1967. In 1986 he graduated from Moscow Aviation
Engine College. He is a co-founder of M.video Group and has held various
positions in management since 1993.
About M.video
M.video is the largest Russian consumer electronic retail chain by revenue. The
Company started its operations in 1993. M.video runs 390 brand name stores in
165 Russian cities as of November 21, 2016. The selling space of M.video stores
amounts to 665,140 thousand sq. m. while the total space accounts to 884,334
thousand sq. m.
M.video offers its customers approximately 20,000 SKUs of audio/video, digital,
small and large home appliances, media and entertainment products as well as
accessories. M.video operates its stores under a uniform format and a specially
designed store concept to provide customers with approximately 2,000 square
meters of easy-to-navigate shopping space that also offers information about the
products and upcoming trends.
In November 2007 OJSC "Company "M.video" became the first publicly traded
company in the domestic consumer electronic retail sector. The Company's shares
are traded on Moscow Exchange (ticker: MVID).
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Svece Limited via GlobeNewswire
Datum: 14.12.2016 - 09:35 Uhr
Sprache: Deutsch
News-ID 512729
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