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86% RTS Shareholders Join MICEX Merger

21.10.2011 11:00 / Interfax

Owners of 86,19% RTS ordinary shares joined the framework RTS-MICEX merger agreement, said MICEX Head Ruben Aganbegyan.

"28 shareholders with 86.19% of RTS shares joined the agreement. Not all of the shareholders used their buy-back right. About 24.5% of the shares were submitted", said Aganbegyan.

The framework RTS-MICEX merger agreement was co-signed on June 29 by MICEX and RTS heads Ruben Aganbegyan and Roman Goryunov with representatives from Sberbank, the Central Bank of the Russian Federation, Unicredit Bank, Vnesheconombank, VTB, Renaissance Capital, Troika Dialog, Aton, Da Vinci Capital and Alfa Capital. RTS signatories owned a 57.7% stake.

Any of the RTS shareholders could join the agreement if they voted for the merger at the shareholder meeting on August 5. Shareholders who did not vote could use their buy-back right.

According to the agreement, the RTS shareholder can receive money for up to 35% of their stake and convert the other part to MICEX shares at a 3:1 ratio. The RTS was valued at RUB 34.5 bn for the deal. A provision guarantees the shareholders right to sell their shares to MICEX as part of the stock exchange IPO planned for 2013. In case the IPO is off (the exception being a huge stock market drop), the shareholders will have right to submit their shares for buy-back to the Stock Exchange at a premium of 12.5% per annum.

Trading infrastructureProject Group №1Ruben Aganbegyan