The market price of shares of PJSC Turboatom (Kharkiv) of Hr 1.95 per share, approved by the shareholders at a meeting on Aug. 27, is about four times understated, founder and CEO of Dragon Capital investment company Tomas Fiala said in an interview with Interfax-Ukraine.
According to him, the deal on the merger of Electrotyazhmash (Kharkiv), approved by the State Property Fund as the main shareholder of Turboatom, threatens the minority shareholders of Turboatom with the dilution of their share.
Fiala also reminded that many minority shareholders are suing Turboatom for the payment of dividends, although the enterprise pays such dividends to the state.
Managing Director of Dragon Capital Denys Matsuyev, who oversees trading operations with shares, specified in a column for the Novoye Vremya edition that Turboatom shares are freely traded on stock exchanges, and during the year their rate fluctuated within the range of Hr 7-8.5 per piece.
“According to the law, at a shareholders’ meeting, investors who voted against significant legal actions of the company have the right to sell their shares to the issuer at a market price. Thus, the state-owned enterprise (75% of the shares belong to the state), having adopted such an estimate, deliberately lowered the price of the company’s shares by 4 times. None of the minority shareholders will agree to such a low buyback price,” Matsuyev said.
According to the minutes of the meeting, 25 shareholders were registered to participate in it, who own 385,740,223 shares or 90.3002% of their total number. The market valuation of the shares at Hr 1.95 was jokingly supported by 82.55002% of the votes, while 17.44998% or the owners of 67,311,611 shares voted against it.
This assessment was approved by Consulting Company Asset Expertise LLC (Kyiv), which was approved by the shareholders with a slightly larger number of votes a week earlier, setting the payment for its services at Hr 500,000.
The owners of the company are its director Valentyn Pokachailo with 34%, as well as Danylo Zrazhevsky and Serhiy Melnychenko with 33% each. The company’s revenue in 2019 amounted to Hr 5.22 million, net profit – Hr 490,000, while there are no data for 2020.
