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Evraz Plc Closes Acquisition of Stake in Raspadskaya OAO-Interfax

Wednesday, 16 Jan 2013 12:40am EST 

Interfax reported that Evraz Plc (Eraz) has closed the acquisition of a stake in Raspadskaya OAO from the coal producer's management, Evraz Plc said in a statement. Evraz acquired a 50% in the company Corber Enterprises, Ltd., the main shareholder in Raspadskaya OAO and which belonged to Evraz and the coal company's management on an equal basis. As consideration for the acquisition, Evraz PLc will issue 132,653,006 new shares representing 9.9% of the existing issued share capital of Evraz; issue 33.9 million new warrants to subscribe for 33.9 million new shares representing 2.53% of the existing issued share capital of Evraz; and pay an amount, in cash, of USD 1,949.80 for each of 103,600 ordinary Corber shares, payable in four equal installments in Q1, Q2, Q3 2013 and Q1 2014. The warrants may be exercised at any time between 12 months and 15 months after completion of the acquisition and the warrants contain customary provisions relating to adjustments. Upon exercise of the warrants, it is expected that the sellers of the stake, Raspadskaya CEO Gennady Kozovoi and board member Alexander Vagin, will receive 11.06% of Evraz after warrants have been exercised. 18% of Raspadskaya OAO's shares will continue to be listed on the MICEX-RTS exchange. Evraz obtained the go-ahead for the deal from Russia's Federal Antimonopoly Service (FAS) at the end of last year. 

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