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Investors Show New Interest in RAO
RAO UES of Russia stock has lost 26 percent of its value since the beginning of the year, and now investors are beginning to buy it again. The EOS Russian investment fund, whose main asset is RAO stock, has attracted about $354 million in an IPO placement on the First North stock market in Stockholm in three tranches after a five-week road show. Both cash and RAO stock were used for payment. They were received in equal proportions from European and American investors. The fund thus doubled its net assets.
EOS Russia was founded by former Troika Dialog employees Lauri Sillantaka and Sven Thorngren and RAO board member Seppo Remes. Its portfolio consists almost exclusively (by 98.3 percent) of RAO stock, which makes up more than 1 percent of the energy holding’s authorized capital. It held a pre-IPO a year ago, at which institutional investors placed $190 million, also in equal portions of money and RAO stock.
An RAO share has not cost over 30 rubles since January. It hit its low point in April, sinking to 22 rubles. Since that time, the share price has been rising, experiencing considerable growth after being excluded from the RTS and MICEX indexes. It has gained 4 rubles in the last two weeks and sold yesterday for 26.07 rubles on the RTS and 26.29 rubles on MICEX. RAO will be liquidated on July 1. Its shareholders will receive shares in electric companies, the Federal Network Co. and in the System Operator. Those share packages will be worth considerably more than the RAO share packages now.
www.kommersant.com
All the Article in Russian as of May 14, 2008
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