print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all PIK Group press releases

PIK Group

May 29, 2013

PIK Group announces launch of share offering

(LONDON, May 29 2013)PIK Group (MICEX: PIKK RX, LSE: PIK LI), one of Russia’s leading residential real estate developers (the “Company” or “PIK”), today announces the launch of an offering of new ordinary shares (the "New Shares") to raise at least USD150 million (the "Offering").

28 May 2013, the Board of Directors of PIK has set the placement price at RUB 62.50 per New Share, which is equal to the nominal value of the New Share. The nominal value of the New Share represents the minimum price level which the Company is allowed to use as a placement price in accordance with Russian law.

The minimum size of the Offering (comprising the New Shares remaining after the exercise of the statutory pre-emptive rights by existing shareholders) is anticipated to be USD150 million. The Company has received preliminary commitments from Nafta Moskva and a number of other investors that they wish to subscribe for up to the full amount of the minimum size of the Offering. However, the Company has no obligation to allocate all of the New Shares offered in the Offering to such investors, and is therefore making the Offering available to a wider range of investors and reserves the right to increase the size of the Offering to accommodate excess demand.

The issuance of the New Shares and the Russian securities prospectus were registered with the FSFM on 21 February 2013 under state registration number 1-02-01556-A. Upon the issuance of the New Shares, the New Shares issuance will be combined with PIK’s existing shares traded on CJSC “MICEX Stock Exchange”, and the New Shares will become fully fungible with the existing shares of PIK.

PIK intends to use at least 50% of the net proceeds from the Offering for deleveraging. A portion of the net proceeds from the Offering may also be used for investment in new projects and general corporate purposes.

The Company, Nafta Moskva and Gilt Partners Limited (a company beneficially owned by Mr. Mikail Shishkhanov) have agreed to enter into a lock-up arrangement according to which they will be restricted from entering into a sale of the PIK’s ordinary shares or GDRs issued with respect to such shares until after the 180th day from the date of the filing with the FSFM of the placement notification with respect to the New Shares. The lock-up arrangements permit the locked-up parties to pledge their holdings for financings and are subject to certain bespoke exceptions related to certain call options in existence as at the date hereof.

Sberbank CIB and VTB Capital are acting as Joint Global Coordinators and Joint Bookrunners in connection with the Offering.

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer