RUSSIAN AQUACULTURE ANNOUNCES PRICE RANGE FOR SECONDARY PUBLIC OFFERING OF SHARES
(Thomson Reuters ONE) -
RUSSIAN AQUACULTURE ANNOUNCES PRICE RANGE FOR
SECONDARY PUBLIC OFFERING OF SHARES
Moscow, 14 November 2017. Russian Aquaculture ("Russian Aquaculture" or "the
Company"), Russia's largest aquaculture company, announces the price range for
its secondary public offering (the "Offering") of new ordinary shares of the
Company (the "Shares"). The Company announced its intention to conduct the
Offering on 9 November 2017.
DETAILS OF THE OFFERING
* The price range for the Offering has been set at between RUB 110 and RUB
140 per Share. The average weighted share price year-to-date on the Moscow
Exchange falls approximately in the middle of this range.
* The Company expects to raise up to RUB 2 billion during the Offering,
selling between 14 million and 18 million Shares that are part of the new
share issue that has been registered with the Central Bank of Russia.
* Funds from the Offering will be used by the Company for general corporate
needs and for implementation of the Company's investment programme under its
strategy aimed at creating Russia's leading aquaculture company.
* Shareholders as of 10 July 2017 have pre-emptive rights to purchase
additional shares, proportional to the number of shares that they owned as
of that date. Shareholders planning to exercise their pre-emptive rights
must announce the exercise of these rights between 10 and 21 November 2017.
* Russian Aquaculture's major shareholders are confident in the long-term
growth of the Company and are committed to maintaining its public status;
these shareholders are considering buying Shares as part of the Offering.
* As a result of the Offering, the Company's free float is expected to
increase to as much as 23% of its total share capital (under the conditions
of the current Offering).
* Otkritie Bank and Gazprombank are acting as the joint global coordinators
and bookrunners for the Offering. Otkritie Bank is also acting as the broker
for the Offering.
STRENGTHENING RUSSIAN AQUACULTURE'S STATUS AS A PUBLIC COMPANY
The Company remains committed to high standards of corporate governance and
information disclosure. The Board of Directors already has two independent
directors and a Norwegian aquaculture business expert.
The Company is in an active growth phase and intends to expand its access to
high-quality sources of financing that are available only to open and
transparent issuers. The SPO is an important step in the development of Russian
Aquaculture as a publicly listed company, diversification of the shareholder
structure, increasing liquidity and strengthening the Company's investment case.
INVESTMENT HIGHLIGHTS
* Focus on the high-margin aquaculture sector. 2016 was a watershed year in
the history of Russian Aquaculture: the entire business was restructured,
the composition of the Board of Directors and shareholders changed, and a
new long-term strategy was approved. As part of the transformation plan, the
Company sold its distribution business in order to concentrate on the most
profitable segment, i.e., aquaculture.
* Leader on the Russian chilled fish market. Russian Aquaculture is currently
the only company in Russia that farms Atlantic salmon in maritime
conditions. The Company currently has an approximately 20% share of Russia's
nearly 60 ths tonne chilled salmon market. Thanks to its developed
infrastructure, close proximity to sales markets, and quality control, the
Company offers consumers one of the best-quality chilled fish products in
Russia.
* Well-considered long-term growth strategy. The Company has adopted a new
long-term growth strategy that aims to create Russia's leading aquaculture
company, with its own production of feedstock and fry, as well as facilities
for primary processing and a diversified base of biological assets. As part
of its strategy, the Company plans to increase production volumes to 25-30
thousand tonnes in the next few years, to build a smolt plant in Russia in
the long term, and also to become one of the world's largest producers of
Atlantic salmon by volumes. Company's core shareholders fully share and
support Russian Aquaculture's drive to build a high-quality new business, as
well as the Company's long-term future as a publicly listed company.
ABOUT RUSSIAN AQUACULTURE
Russian Aquaculture is one of the leaders in the production of Atlantic salmon
and trout in Russia. Development of aquaculture is one of the Company's
strategic priorities.
The Company's core business areas are:
* Commercial farming of Atlantic Salmon in the Barents Sea in the Murmansk
region
* Commercial farming of trout in lakes of the Republic of Karelia
* The Company currently owns cultivation rights for 29 sites for the farming
of salmon and trout
The Company's long-term development strategy aims to make it the largest player
in Russia's aquaculture segment, including production of own fry and primary
processing of the Company's own products.
OPERATING AND FINANCIAL INDICATORS
+-------------------------------------+-------+-------+------+--------+
|RUB mln |1H 2017|1H 2016|Change| LTM[1] |
+-------------------------------------+-------+-------+------+--------+
|Sales volumes, tonnes |6,936.3| 833.1 | 8.3x |13,417.6|
+-------------------------------------+-------+-------+------+--------+
|Revenue |3,343.4| 295.8 |11.3x |6,650.0 |
+-------------------------------------+-------+-------+------+--------+
|Operating profit |1,651.2| 13.8 |119.5x|3,332.2 |
+-------------------------------------+-------+-------+------+--------+
|Operating EBIT |1,363.1| -88.0 | - |2,828.4 |
+-------------------------------------+-------+-------+------+--------+
|EBIT/kg | 196.5 | - | - | 210.8 |
+-------------------------------------+-------+-------+------+--------+
|Operating EBITDA |1,516.0| -55.0 | - |3,092.7 |
+-------------------------------------+-------+-------+------+--------+
|Net profit from continuing operations| 57.7 | -88.0 | - |2,783.8 |
+-------------------------------------+-------+-------+------+--------+
Source: Company IFRS financial statements for 1H 2017, management accounts
Russian Aquaculture's investor presentation is available on the Company's
website:
http://russaquaculture.ru/en/shareholders-and-investors/reports-and-
publications/presentations/
Contacts for media
Moscow
Denis Denisov
Mobile: +7-985-410-3544
denisov(at)em-comms.com
Irina Logutenkova
Mobile: + 7-910-438-4843
logutenkova(at)em-comms.com
Moscow/London
Tom Blackwell
Mobile: +7-919-102-9064, +44-7432-680606
blackwell(at)em-comms.com
London
Maria Levitov
Mobile: +44 7553 092 429
levitov(at)em-comms.com
This document (the "Document") has been prepared for the purpose of the proposed
open subscription offering of securities of PJSC Russian Aquaculture,
OGRN 1079847122332, INN 7816430057 (also the "Company") in the form of thirty-
two million, seven hundred sixty-nine thousand, two hundred twenty-three
(32,769,223) newly issued uncertificated registered ordinary shares with a par
value of one hundred roubles (RUB 100) each, state registration number
1-01-04461-D of 05 October 2017 (also the "shares", "securities", "securities of
PJSC Russian Aquaculture").
This Document is published for information purposes, solely and only in
connection with the potential future offering of the securities of PJSC Russian
Aquaculture.
This Document is not a prospectus, a resolution to issue securities, an offer to
buy securities or any assets or to subscribe to securities or to sell the
securities or any assets, is not a public offer or invitation to make offers, is
not an advertisement of securities, guarantee or promise to sell securities or
any assets or to offer securities or enter into any agreement, and should not be
interpreted as such.
This Document must not be treated as and is not a recommendation to acquire
securities of PJSC Russian Aquaculture or any other securities or assets
mentioned herein.
This Document is not intended to serve as a basis for making any investment
decisions.
The information contained in this Document may change considerably. This
Document does not provide exhaustive information about PJSC Russian Aquaculture
required for examining the Company, making any conclusions or investment
decisions.
PJSC Russian Aquaculture and lead managers reserve the right to change, at any
time and to any extent, any information in this Document without giving reasons
or notice.
By serving this Document, neither the lead managers, nor PJSC Russian
Aquaculture accept any responsibility, including responsibility for changing or
updating this Document or correcting any inaccuracies found therein. Transfer,
distribution or publication of this Document does not in any manner oblige the
lead managers or PJSC Russian Aquaculture to affect any transactions. No
information provided or mentioned in this Document gives rise to any contractual
obligations.
No information about any plans and any future events contained in this Document
is definite; it may differ significantly from facts and events, which will
actually occur in the future. Any recipient of this Document shall use the
information contained herein at their own discretion and risk.
Recipients of this Document shall be aware that it does not contain any
representations or warranties or assurances or obligations with regard to future
events and facts, and any actual future results, events and facts may differ
materially from the information presented herein. Consequently, neither the lead
managers and PJSC Russian Aquaculture nor their affiliates, employees, officers,
representatives, agents, advisors or consultants provide (or will provide in the
future) any representations, warranties, assurances or obligations with regard
to the occurrence, accuracy, feasibility or attainability of such plans or any
future events or facts.
Neither the lead managers nor PJSC Russian Aquaculture and its affiliates,
employees, officers, representatives, agents, advisors or consultants shall bear
any liability for any losses, direct or indirect, arising as a result of the use
of this Document or information contained herein, or for any faults or omissions
contained herein.
Neither PJSC Russian Aquaculture nor its shares have been registered or
otherwise approved for issuance in jurisdictions other than the Russian
Federation, and investors need to independently verify that these shares and
their eligibility to buy such shares comply with the applicable laws of the
jurisdictions of their incorporation and/or operations.
INFORMATION CONTAINED HEREIN IS NOT INTENDED FOR PUBLICATION OR DISTRIBUTION,
DIRECT OR INDIRECT, IN THE USA, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER
JURISDICTIONS WHERE THE OFFERING OR SALE OF SECURITIES IS PROHIBITED BY
APPLICABLE LAWS. INFORMATION CONTAINED HEREIN MAY ONLY BE USED FOR INFORMATIONAL
PURPOSES. IT IS NOT AND SHALL NOT BE TREATED AS THE OFFERING OF SECURITIES IN
THE USA, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION.
NO SECURITIES OF PJSC RUSSIAN AQUACULTURE HAVE BEEN OR WILL BE REGISTERED IN
ACCORDANCE WITH THE UNITED STATES SECURITIES ACT OF 1933 (AS AMENDED) (THE
"SECURITIES ACT") OR IN ACCORDANCE WITH THE LAWS OF ANY STATE, AND THEY MAY NOT
BE OFFERED OR SOLD IN THE USA.
THE OFFERING OF SECURITIES HAS NOT AND WILL NOT BE REGISTERED IN ACCORDANCE WITH
THE APPLICABLE SECURITIES LAWS OF AUSTRALIA, CANADA OR JAPAN.
In the United Kingdom, this Document is only intended for and addressed to
(i) persons who are investment professionals as defined in Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005
(the "Order"), (ii) high net worth companies and other persons that have the
legal right to such information in accordance with Article 49(2)(a)-(d) of the
Order, (iii) certified high net worth individuals, certified sophisticated
investors or self-certified sophisticated investors pursuant to Articles 48, 50
and 50A, respectively, of the Order; and (iv) persons that are otherwise legally
entitled to receive this Document (all such persons indicated in items (i),
(ii), (iii) and (iv) shall be jointly referred to as the "relevant persons").
Any securities hereunder will only be available to, and any invitation, offer or
agreement to subscribe, purchase or otherwise acquire such securities will only
be sent to or signed with, the relevant persons. A person other than a relevant
person shall not act or rely on this Document or any of its contents.
In any European Economic Area member state that has implemented
Directive 2003/71/EC (including the Directive and amendments thereto to the
extent they are implemented in the relevant member state - the "Prospectus
Directive"), this Document is only intended for and communicated to qualified
investors in that member state as defined in the Prospectus Directive, and other
persons that have the legal right to receive this Document. No person other than
a relevant person or a qualified investor may act or rely on this Document or
any of its contents.
In some jurisdictions, the publication of this Document or any information
contained herein may be restricted by the law or applicable regulations or
prohibited altogether. This Document is not intended for communication to
persons from jurisdictions where this Document, any information contained
herein, its communication or receipt may be deemed unlawful. Recipients of this
Document shall be deemed aware of the requirement to comply with the applicable
restrictions and conditions.
--------------------------------------------------------------------------------
[1] Last twelve months - starting from September 1, 2016 to August 31, 2017
basing on management accounts excl. revaluation of biological assets
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: Russian Aquaculture via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 14.11.2017 - 11:42 Uhr
Sprache: Deutsch
News-ID 567986
Anzahl Zeichen: 16536
contact information:
Town:
Moscow
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 329 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"RUSSIAN AQUACULTURE ANNOUNCES PRICE RANGE FOR SECONDARY PUBLIC OFFERING OF SHARES"
steht unter der journalistisch-redaktionellen Verantwortung von
Russian Aquaculture (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
