OREANDA-NEWS. January 10, 2008. Sovcomflot has launched a mandatory public offer for the 9.66 per cent of the ordinary shares in Novoship at a price of 81.82 roubles per share. Novoship minority shareholders  have 70 days to consider the offer.

On 9 January 2008 Sovcomflot launched a public offer to Novoship minority shareholders for the outstanding 36.3mn Novoship ordinary shares (equivalent to 9.66 per cent of the total ordinary shares) at a price of 81.82 roubles per share. In accordance with current Russian legislation the offer was provisionally filed with the Federal Financial Markets Service on 17 December 2007.

The offer matches the price at which the Russian Government transferred 50.34 per cent of the shareholding (67.13 per cent voting shares) in Novoship to Sovcomflot on 5 December 2007. The offer price is 24 per cent higher than the 6 month weighted average price of Novoship shares traded in the Russian Trading System (RTS) and is 12 per cent higher than the current market price.

Sergey Frank, Sovcomflot President & CEO said, “The decision to make the public offer to Novoship minority shareholders was taken by Sovcomflot Board of Directors and Shareholders’ Extraordinary Meeting within the context of the transaction on the transfer of the Government’s controlling stake in Novoship to Sovcomflot. This decision clarifies Sovcomflot’s position as regards to 9.66 per cent of the Novoship ordinary shares held by minority shareholders and confirms the Sovcomflot’s commitments to adhere to best corporate governance practices.”

In accordance with the terms of the mandatory public offer Novoship shareholders will have 70 days to consider and decide on whether to accept the offer. The full terms of the public offer can be viewed at Sovcomflot website www.sovcomflot.ru