PJSC Inter RAO has charter capital of RUB 293,339,674,800, which is split into 104.44 billion ordinary shares with par value of RUB 2.809767 each. The shares are included in the First Tier of the List of Securities that are permitted to trade on PJSC Moscow Exchange, the exchange’s highest tier. As of December 31, 2018, PJSC Inter RAO had no preferred shares.
The Russian Federation, as represented by the Federal Agency for State Property Management, owns 493.69 ordinary shares (0.0000005% of charter capital). The Russian Federation has no special right to manage the Company (“golden share”).
PJSC Inter RAO had a total of 354,745 shareholders as of December 31, 2018, including 351,968 individuals.
The proportion of quasi-treasury shares In accordance with the Group’s Development Strategy until 2020, PJSC Inter RAO shares that are owned by JSC Inter RAO Capital may be used for sale to a major international strategic investor or group of financial investors with a potential increase in free-float and other transactions that aim to enhance the Group’s investment appeal. owned by JSC Inter RAO Capital is 29.39%
The changes in the share ownership proportion of PJSC FGC UES from 18.57% to 9.24% and the RusHydro Group from 4.92% to 0% resulted from transactions involving the purchase and sale of PJSC Inter RAO shares.
The change in the proportion of share ownership of JSC Inter RAO – Capital from 19.98 % to 29.39% resulted from transactions involving the purchase and sale of PJSC Inter RAO shares and the implementation of a long-term incentive program for the management of the Inter RAO Group.
The increase in the proportion of free-float from 28.91% to 33.74% resulted from the sale of shares in PJSC Inter RAO by the Company’s management as part of an organized transaction (ABB) to a wide range of investors and the sale of shares in PJSC Inter RAO by PJSC FGC UES to independent financial investors.
|Individual or company name||End beneficiary||Number of shares|
|Total||% of charter capital|
|Russian Federation as represented by the Federal Agency for State Property Management||Russian Federation||493.69||0.0000005|
|PJSC FGC UES||9,645,411,162.04||9.24|
|Company shareholders that are part of the Inter RAO Group||30,682,012,746.24||29.39|
|Other shareholders (shares in free-float)||35,228,555,566.01||33.74|
A transaction was concluded to sell 1.14% of the Company’s shares in March 2018 through an accelerated bookbuild (ABB) as part of the implementation of a management option program.
The transaction resulted in the sale of 1.19 billion ordinary shares at a price of RUB 3.48 per ordinary share for a total of approximately RUB 4.15 billion.
Additional information on the option program is available in the ‘Option Program’ section..
Buyback of treasury shares from the RusHydro Group and the FGC UES Group
The Company concluded transactions to acquire RUB 41.7 billion worth of treasury shares from RusHydro and FGC UES. Consolidating the block of treasury shares enabled the Company to optimize its share capital structure and increase the weight of anchor strategic shareholders with a clear vision for the Group’s development path, which has historically provided support to the Inter RAO Group’s business and allowed for achieving synergy in most of its businesses.
The investment community considers these transactions to buy back treasury shares as “the best investment opportunity in the Russian Federation” and noted that “management has made significant progress towards utilizing idle cash with a clearer policy of capital management, which has made it possible to partially unlock the value of cash held on the balance sheet.”