Detsky Mir will spend 25-35 billion rubles to buy back shares from those who disagree with the reorganization
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PJSC Detsky Mir assessed the amount of payments to shareholders who refuse to receive a stake in LLC DM upon reorganization into a private company (from PJSC to LLC). In the company’s financial statements dated March 29, cited by Interfax, the amount is indicated in the range from 25 billion to 35 billion rubles. “Child’s world” announced transformation of the company on November 7, 2022.
The spread of estimates is explained by the fact that the exact number of PJSC shareholders who will refuse to enter the capital of a private company cannot yet be determined, the document says. The buyback price per share has also not been set, it is assumed that it will not be lower than 71.5 rubles. per share. A voluntary offer for the sale of shares is planned from May-June to August, a mandatory one – from August-September 2023.
Detsky Mir is Russia’s largest specialized retailer in the children’s goods market. As of December 31, 2022, the company operated 1,086 stores — Detsky Mir, Detmir Mini and Zoozavr. At present, the main beneficiaries of Detsky Mir are Pavel Grachev, former head of PJSC Polyus, and Mikhail Stiskin, former senior vice president for finance and strategy at the gold mining company.
Among the reasons for the start of the reorganization of “Children’s World” named regular changes in Russian legislation that may limit PJSC access to the stock market.
After the completion of the reorganization in April 2023, tentatively in May – early June 2023, shareholders, as part of a voluntary offer, will be offered to exchange their shares for shares in a subsidiary joint-stock company PJSC Detsky Mir, which will own a 100% stake in the non-public company OOO DM ”, under conditions determined by the board of directors, states in section website of Detsky Mir dedicated to transformation.
By data as of November 2022, the share of Detsky Mir shares listed on the Moscow Exchange was 60%, and foreign investment funds occupied a significant share in the authorized capital of the retailer.
Read more about the transformation in the publication “Kommersant” “”Children’s World” played enough on the stock exchange”.
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