Far-Eastern Shipping Company PLC, the main entity of FESCO Transport Group, completed the placement of its 306,509,000 additional shares.
The placement began on July 23, 2007. The placement price for existing shareholders under preemptive rights was set at RUR 16.83 (USD 0.66) per share. Existing shareholders have subscribed for the total of over 256.5 mln new shares, thus having acquired almost 83.7% of the additional issue at the above price.
All remaining shares – around 50 mln - were sold through open subscription on the market at RUR 17.85 (USD 0.7) during the second stage of the placement. The last newly issued share was sold on August 3, and the placement closed on completion date set by FESCO Board of Directors in the Placement Decision.
The company raised the total of USD 206 mln, of which USD 171 mln were paid by existing shareholders, with another USD 35 mln coming from other investors on the market.
FESCO First Vice-President and CFO Yury Gilts commented that “…FESCO shares enjoyed a good deal of demand, and we couldn’t satisfy all applications filed by investors in open subscription, even though the issue was offered at a price very close to the market. The issue proceeds will be used both to de-leverage the company’s balance sheet and to finance our investment program and possible new acquisitions».
After the additional issue FESCO equity increased by 15% and is now equal to 2,361,000,000 common shares. All FESCO largest shareholders have participated in the new issue; therefore the company’s ownership structure did not have any material changes.
Newly issued shares will become fully tradable after the company files the required Placement Results Notice with the Russian Federal Financial Markets Service (FFMS).
FESCO Transport Group is the largest inter-modal transportation group in Russia, which provides sea, railway and auto transportation of containers and bulk cargo, stevedoring services, icebreaking support and “door-to-door” logistical solutions for Russian and international clients. Founded in 1880 and incorporated in 1992, FESCO combines long-standing traditions of quality and reliability with innovation and sophistication to offer a broad range of tailored solutions to meet the most challenging clients’ demand on the modern transportation market. FESCO's shares are listed under the symbol "FESH/FESHG" on the Russian Trading System (RTS).
The placement began on July 23, 2007. The placement price for existing shareholders under preemptive rights was set at RUR 16.83 (USD 0.66) per share. Existing shareholders have subscribed for the total of over 256.5 mln new shares, thus having acquired almost 83.7% of the additional issue at the above price.
All remaining shares – around 50 mln - were sold through open subscription on the market at RUR 17.85 (USD 0.7) during the second stage of the placement. The last newly issued share was sold on August 3, and the placement closed on completion date set by FESCO Board of Directors in the Placement Decision.
The company raised the total of USD 206 mln, of which USD 171 mln were paid by existing shareholders, with another USD 35 mln coming from other investors on the market.
FESCO First Vice-President and CFO Yury Gilts commented that “…FESCO shares enjoyed a good deal of demand, and we couldn’t satisfy all applications filed by investors in open subscription, even though the issue was offered at a price very close to the market. The issue proceeds will be used both to de-leverage the company’s balance sheet and to finance our investment program and possible new acquisitions».
After the additional issue FESCO equity increased by 15% and is now equal to 2,361,000,000 common shares. All FESCO largest shareholders have participated in the new issue; therefore the company’s ownership structure did not have any material changes.
Newly issued shares will become fully tradable after the company files the required Placement Results Notice with the Russian Federal Financial Markets Service (FFMS).
FESCO Transport Group is the largest inter-modal transportation group in Russia, which provides sea, railway and auto transportation of containers and bulk cargo, stevedoring services, icebreaking support and “door-to-door” logistical solutions for Russian and international clients. Founded in 1880 and incorporated in 1992, FESCO combines long-standing traditions of quality and reliability with innovation and sophistication to offer a broad range of tailored solutions to meet the most challenging clients’ demand on the modern transportation market. FESCO's shares are listed under the symbol "FESH/FESHG" on the Russian Trading System (RTS).