Bashneft gets ready for SPO

Bashneft keeps preparing for its SPO in London which will increase the liquidity of its shares and will give their real market assessment. For that Bashneft has approved the additional issue for 20.5% of shares (the current value –about $2.8 bln). But it is planned to sell the shares for $ 1-2 bln. The company calls the issue of a larger volume to a technical excercise explaining as the requirements of regulators, Kommersant writes.

On Friday the Board of Bashneft approved the additional issue of up to 37 mln general shares with 1 rouble each nominal value (24.6% of general shares and 20.5% of the company’s registered capital). The shareholders (AFK Systema – 84% of voting shares) will have to approve the additional issue at the meeting on August 14th. Another 4% is on the balance of Bashneft, the rest – free float. The current market value of the additional issue is about $2.8 bln, after its announcement the company’s general shares lost 2.41% to become 2.47 thousand roubles/share, privileged shares rose 0.83% to 1,709 roubles/share, total capitalization made up 422.8 bln roubles on the Moscow stock exchange.