Yandex has puzzled investors – Kommersant FM
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Russian investors of Yandex (MOEX: YNDX) comprehended the deal: quotes returned to growth. After the announcement that the parties had reached an agreement, the shares began to fall sharply in price. However, at the end of the trading day, there were more orders to buy, and part of the losses were compensated. According to market participants, the transactions looked speculative, because the company’s official press release for retail investors contained neither bad nor good news. “Kommersant FM” tried to figure out how the Yandex section will affect Russian security holders and whether there are risks for them. Details are in the material by Ivan Yakunin.
Everything is clear with foreign investors. As the company writes, as a result of the restructuring, they will remain the holders of Yandex NV, which will have several foreign startups of Arkady Volozh on its balance sheet and cash from the sale of Russian business. Those who are not satisfied with this will be offered a buyback. They also talked about Russian buyers: through a closed mutual investment fund, they will be the owners of a new structure, which will receive 95% of the assets. They got the business at a 50% discount – these are the government requirements. You can be happy for them.
But the release does not say anything about retail investors from Russia. Maybe because of this, the shares immediately lost 9% at the opening? No, answers Digital Broker analyst Anna Buylakova: “The decline can partly be explained by the fact that investors recorded profits accumulated since the end of December last year. Formal reports began to arrive that Yandex had registered a company in the SAR, which spurred investor interest. And since the end of December, the stock has gained almost 50%.”
It is unclear what to do with them now, because Yandex NV will delist from the Moscow Exchange. This should happen in the first half of the year. Before this, as promised, Russian Yandex will enter the stock exchange. The optimal scenario for holders is this: shares of the Dutch Yandex are converted into shares of the Russian one in a 1:1 ratio. But the company does not publicly promise this. However, Andrei Petrov, Director of Client Relations at BCS World of Investments, has no doubts:
“We can already say that there is a guarantee of conversion. We see that a prospectus has been registered. I think this will be very similar to what happened to us with companies that recently carried out redomiciliation: they suspended trading for about a month and a half, then went through the process of converting securities, and then resumed trading in new securities. This conversion may not be carried out in a 1:1 ratio.
We heard news that the number of shares registered for the Russian ICAO Yandex is approximately 5% greater than for the international Yandex. This suggests that perhaps there will be some additional shareholder who will be given 5%. All the rumors are about Alexei Kudrin.”
Alexey Kudrin himself wrote the following in the Telegram channel: “A lot of work has been done. The process has begun.” And this really isn’t the end. The deal must be approved by shareholders and regulators. According to Yandex, there are no sanctioned persons among the buyers, so there should be no problems with this. After this, the new shareholders must offer retail investors, as they say, “various options for their securities.”
Why can’t you just announce the conversion? Yaroslav Kabakov, director of strategy at Finam Investment Company, answers: “Apparently, there will be an opportunity to convert into Russian shares of Yandex, or remain in Yandex NV Yandex NV will leave the Moscow Exchange, but will be quoted somewhere else, will be an over-the-counter paper. They will no longer be called “Yandex”, they will be called “Tyblox” and will continue to develop. For a small retail investor, of course, this is not a priority development format, but there are also family funds. It is likely that there are admirers of Volozh, and someone will want to be on that team.”
The head of the board of directors of Yandex, John Boynton, said that the company found the best solution for shareholders, employees and users and did so in exceptional geopolitical conditions. Negotiations for the sale took more than a year and a half. First, buyers need to pay – transfer 230 billion rubles in yuan. and Yandex NV shares in the amount of 176 million pieces. Considering the sanctions regime, this is not the most trivial task.
Everything is clear with us – Telegram channel “Kommersant FM”.
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