Minority Shareholders of PJSC “ChTPZ” Presented for Buyback 11.0881% of Company’s Shares as Part of Mandatory Offer of TMK
Pipe Metallurgical Company (TMK) announces the preliminary results of a mandatory offer to acquire from minority shareholders their stake in PJSC ChTPZ.
As previously reported, PJSC TMK sent a corresponding proposal on April 16, 2021 in connection with the completion in March 2021 of the transaction for the acquisition of 86.54% of shares in PJSC ChTPZ. Shareholders were offered to sell 41,134,490 shares of PJSC ChTPZ at a price of 318.26 rubles per share. The proposal could be accepted until June 25, 2021 inclusive.
Based on the information received by TMK from the registrar, before the end of the term, shareholders submitted applications for the sale of 33,895,791 ordinary shares of PJSC ChTPZ, which is 11.0881% of the total number of outstanding ordinary shares of the company.
In accordance with the mandatory offer and the federal law “On Joint Stock Companies” (“Joint Stock Companies Law”), ordinary shares in respect of which applications for sale were submitted were blocked in the shareholders’ accounts and will be credited to TMK’s account upon payment.
The purchase price must be transferred by TMK to the bank accounts of shareholders or nominees registered in the register of shareholders of PJSC ChTPZ within 17 days after the deadline for submitting applications for sale, that is, until July 12, 2021 inclusive.
It is expected that after the completion of the compulsory offer settlements, the number of shares in PJSC ChTPZ, owned by TMK, will amount to more than 97%.
