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JSC VTB BANK (FRA:US46630Q) VTB Group relays the following statement made by Marathon Group in relation to its earlier announced intention to sell the stake in PJSC 'Magnit:

Directive transparence : information réglementée

18/11/2021 18:29

JSC VTB Bank (VTBR)
VTB Group relays the following statement made by Marathon Group in relation to its earlier announced intention to sell the stake in PJSC 'Magnit:

18-Nov-2021 / 18:29 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


VTB Group relays the following statement made by Marathon Group in relation to its earlier announced intention to sell the stake in PJSC "Magnit:

 

Marathon Group announces intention to acquire approximately 12.88% of the ordinary shares of PJSC "Magnit" ("Magnit" or the "Company") from VTB Group. It is expected that the remaining 4.40% stake in the Company owned by VTB Group will be offered to institutional and individual investors through an accelerated bookbuilding (the "Offering"). Marathon Group will acquire Magnit's shares from VTB Group at a price per share to be determined in the Offering.

 

Details of the Acquisition of Magnit's Shares from VTB Group:

  • Marathon Group intends to acquire approximately 13.1m ordinary shares of PJSC "Magnit", representing 12.88% of Magnit's share capital
  • Magnit's shares will be acquired from VTB Group at a price equal to a price per share to be determined in Offering. The price per share of the Offering will be set through the accelerated bookbuilding 
  • Marathon Group will not take part in the Offering, price setting of the Offering or allocations to investors in the Offering
  • Following the proposed acquisition of 12.88% shares of the Company, Marathon Group will increase its stake in Magnit 's share capital to 29.75%, and will become its largest shareholder
  • The transaction structure contemplates that voting rights with respect to 4.75% of PJSC "Magnit" shares that are pledged under a repurchase agreement will be transferred to Marathon Group following required approval from the Federal Antimonopoly Service of Russia. Marathon Group intends to apply for such approval following the Transaction. Until then, Marathon Group will have voting rights with respect to 25% of PJSC "Magnit" share capital
  • Marathon Group has agreed not to dispose of any shares of PJSC "Magnit" for a period of one year, subject to customary exceptions

 

Alexander Vinokurov, Marathon Group President: «Back in 2018 upon our initial investment into Magnit we claimed that with certain efforts from management team and shareholders the Company would regain its leadership among Russian retailers. Today we see that it succeeded. Given impressive results of Magnit throughout the past three years and huge potential for the retail sector and company's prospects, we decided to increase our stake in the capital of Magnit».

 

«Our investment in Magnit is long-term. There is no plan to further increase our stake up to a controlling one and it is our interest that the Board composition retains a majority of independent directors in line with best practices of corporate governance already established in the company", - says Vinokurov.

 

 



ISIN: US46630Q2021
Category Code: MSCU
TIDM: VTBR
LEI Code: 253400V1H6ART1UQ0N98
Sequence No.: 127208
EQS News ID: 1250425

 
End of Announcement EQS News Service

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