Metinvest announces squeeze-out plans for shares of Inhulets, Pivnichny, Central ore producers, Illich steel mill
Cyprus Barlenco Ltd, affiliated with the largest Ukrainian mining and metals group Metinvest, has announced plans to use the squeeze-out right to buy shares from minority shareholders in the group of the following private joint-stock companies (PrJSCs): Inhulets Ore Mining and Processing Plant, Pivnichny (Northern) Ore Mining and Processing Plant, Central Ore Mining and Processing Plant (all three are located in Kryvy Rih in Dnipropetrovsk region), Azovstal Iron & Steel Works and Mariupol's Illich steel mill (both in Mariupol, Donetsk region).
"In accordance with the procedure provided for by the Final and Transitional Provisions of Law No. 1983-VIII of March 23, 2017 (on raising the level of corporate governance in JSCs), the company must approve the price of the mandatory sale of shares no later than 25 working days from the date of receipt of this notification...," the mentioned PrJSCs said on their websites on Saturday, March 3
On March 2, the PrJSCs received Barlenco's letters with the notification, which was sent on March 1.
It says that Metinvest owns 4,067,118,163 shares, or 94.74401% of Azovstal, 12,287,452,297 shares, or 99.322555% of Illich steel mill, 1,183,585,257 shares, or 99.75098% of Central ore plant, 2,753,197,52 shares, or 99.767067% of Inhulets plant, and 2,235,791,021 shares, or 96.41901% of Pivnichny plant.
Documents featuring the structure of ownership of Barlenco Ltd and affiliated entities, which were sent with the letter, were not posted in the information disclosure system and on the websites of the PrJSCs.
Currently, shares of Azovstal on the Ukrainian Exchange are quoted at the following rate: UAH 1.005 UAH (purchase) and UAH 1.19 (sale). The rate of the latest deal is UAH 1.12.