wie im letzten drittel beschrieben, wäre das negativszenario, dass MTS verkauft wird mit der folge eines strategiewechsels..anders wäre es wohl nicht möglich, die schadensansprüche von Rosneft zu bezahlen.
Belonging to businessman Vladimir Yevtushenkov, AFK Sistema filed a suit with the Moscow Arbitration Court against Rosneft and Bashneft for damages in the amount of 330.5 billion rubles. Sistema believes that the oil companies intentionally "destroy the corporate value" of the AFC and lead the corporation to bankruptcy. Rosneft and Bashneft have already filed two suits against Sistema for a total amount of over 302 billion rubles. Against the backdrop of litigation, AFK Sistema has already lost half of its market capitalization, and the value of one share has fallen more than twofold. The troubles at the parent company have a negative impact on the capitalization of its "daughter" - PJSC Mobile TeleSystems (MTS) and, analysts believe, could lead to its sale.
The suit of AFK Sistema to Rosneft and Bashneft is related to the intention of the corporation to compensate for the damage caused to it. AFC press service reported that the corporation, filing a counterclaim, protects the interests of shareholders, employees and partners. Claims of oil companies AFK Sistema considers ungrounded and illegal. "Throughout 2017, Rosneft and Bashneft have undertaken and continue to undertake deliberately unfair acts aimed at unjust enriching the defendants and destroying the corporate value of Sistema, bringing the corporation to bankruptcy, damaging the corporation, its shareholders and creditors, the AFC said. In addition, the corporation has reaffirmed that it is ready to go to an early resolution of the conflict on an honest and objective basis in the interests of all parties to the dispute and the Russian economy.
At the same time, Mikhail Leontiev, a spokesman for Rosneft, told Interfax that he considered Sistema's retaliatory claim to be a legal absurdity. "I hardly imagine that this claim can be taken into consideration." This is insanity and powerlessness, "he believes.
"To file the first lawsuit and the second in its development is an understandable procedural admission.The logic is simple: first to recognize the transaction as illegal, then all its legal consequences, the nearest and most financially important of which will be, of course, the dividends paid," said the vice-president of the partners' Katkov and Partners Alexey Kopylov.
Managing Partner of the law firm Axis Pravo Alexei Sulin believes that there should not be any problems with the limitation period in the case of the second claim. "According to the law, the countdown starts from the moment when the person found out or should have learned that his right was violated It can be argued that Bashneft learned about this at the time of making the decision on the first suit to recognize the acquisition of shares as illegal, he says.
Together, Rosneft and Bashneft filed suits for Sistema totaling 302.2 billion rubles. The lawsuits resulted in more than a twofold drop in the value of one share of AFK Sistema. If in early May, the stock was worth 22.29 rubles, then by December 7, 2017 its price dropped to 9.25 rubles. Shares of AFK Sistema reacted to the emergence of a new suit by a 15% drop, and on Dec. 7 the decline was 23%. In total, according to analyst analyst Finam Alexei Kalachev, since the beginning of the lawsuit with Rosneft, the corporation's capitalization has more than halved, losing 54.2% of the cost.
Alexei Kalachev notes that these "troubles" of the parent company, of course, negatively affect the capitalization of MTS. "Players use any information reason to justify aggressive trading actions.Naturally, the stock quotes of MTS declined on December 7 after the release of this news by 6.4% .However, it should be noted that the decrease in the company's stock quotes began on November 15, after the release of the results announcement The third quarter, which somehow disappointed investors, Rosneft's statement only exacerbated the fall, "he said.
Deputy Director of the Analytical Department of Alpari Natalya Milchakova believes that the situation with claims is not reflected in MTS's operating activities. "And on the capitalization of MTS, this is certainly reflected, since the shareholding in MTS, which is approximately 32% of the capital and owned by Sistema, has been arrested, although this does not directly affect the market, but it creates a background of uncertainty about the company's prospects," believes expert. Since May 3, when the first lawsuit was filed against the owner of MTS, the capitalization of the telecom-company practically did not change, the shares rose in price only by 0.03%, although the Moscow Stock Exchange index rose during the same period by almost 5%.
In the case of the most negative scenario for Sistema, if it faces bankruptcy, there will not be other ways to raise funds to pay off liabilities, except for the sale of assets. And, perhaps, as Natalya Milchakova believes, the MTS package will be sold. And if the company has a new owner, it will inevitably mean a change of strategy, perhaps a change in the dividend policy, and it is not a fact that the changes, if any, will be favorable for the shareholders. She is sure that all this creates unnecessary uncertainty for investors and shareholders and for the time being makes them be cautious and prefer other securities for investments.
Alexei Kalachev also notes the risk of a change in the owner of MTS. "While it's not clear if MTS can not sell, it's unclear if the limitation period has not expired, but at the same time, we all understand that Rosneft's management knows how to get it in court even in such a dubious situation as with the first lawsuit to" System, "he noted.
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