With the blown "Magnet" Vinokurov surplus crumb
The main beneficiary of Magnit, Alexander Vinokurov, can not only consolidate power in the retailer, but also make good money on the hopeless situation of some shareholders and the greed of others.
Retailer Magnit will triple the repurchase of shares from non-residents, media reported. "Operation" will allow not only to consolidate assets in the hands of the main shareholder of Marathon Group Alexander Vinokurov, but also to earn extra money on this - found out the correspondent of The Moscow Post.
After all, the price at which securities are offered is more than twice as low as the market price - at 2215 rubles apiece instead of 4830 rubles at the time of the announcement of the "attraction of unprecedented generosity."
The fact that the shares of foreign investors will be redeemed became known about a week ago, and since then the securities have been steadily growing in price - the exchange "recoups" on the message about operations. Now Magnit shares are already quoted at 5190 rubles.
Due to the political situation and a number of restrictions, foreign shareholders have no choice but to keep at least part of their money by selling their securities to Russian majoritarians for the price that they will appoint. Given the fact that most of the retailer's shares are in free float, Vinokurov can earn good money.
If a week ago Magnit was going to make a 10% ransom, now this figure is at the level of 30% of securities. According to information from the official website of Magnit, the retailer's authorized capital consists of 101 911 355 ordinary registered non-documentary shares. 30% of this figure is 30.5 million units, then at the current exchange rate it costs about 160 billion rubles. But foreigners will help out for them in the amount of 67.5 billion rubles. Thus, the main beneficiary of the company, which now owns almost 30% of the capital, will increase it to 60% and earn approximately 92.5 billion rubles.
As they say, eat the fish too.
Do not forget that investors, reading the news, rushed to buy Magnit shares when they had already begun to grow, intending to sell them at a more favorable rate. But in fact, no one knows what the next news will be. If foreigners are not in such excitement as the retailer's PR specialists "draw," explaining the limit increased to 30% by increased interest from potential sellers, the papers will crawl down, and then those who have invested in them will lose - in the hope of a bright future.
And Vinokurov will not lose in any of the cases. As they say - not some, so others.
Not a great investment
Until this whole story, which Magnit raised over traditionally considered profit investments in state-owned banks and the gas sector, the retailer could not boast of financial success. In 2022, its profit decreased by as much as a third compared to the previous period. As Finam analysts wrote, "the increase in depreciation costs, recognition of asset impairment losses and an increase in net financial expenses due to rising interest rates and an increase in gross debt" affected.
And in May of this year, the Moscow Exchange announced that it would lower the level of listing of Magnit shares from the first to the third "in connection with the Organization's failure to eliminate the corporate governance violation within the period established by the Exchange." Most likely, it was about the absence at that time of the current Board of Directors of the company. Against this background, there were even delisting risks (exclusion of shares from trading on the stock exchange). And how everything has changed! Now Magnit seems to be one of the most attractive investments. But perhaps it only seems.
The real financial stability of Magnit raises questions. The main shareholder, Marathon Group, has a 92% drop in revenue for 2022 and negative profit compared to 2021.
The company itself belongs to Marathon Pharma JSC, which over the same period reduced revenue by as much as 100%.
What can this say? At least the fact that money in the company is not delayed and can be withdrawn - until 2022 it was not difficult: Marathon Group was registered offshore.
The media, by the way, wrote in plain text regarding the Marathon Group that Mr. Vinokurov's company regularly withdraws funds to foreign offshore companies. This cannot but adversely affect the shares - as soon as the excitement from the news passes.
At the same time, Vinokurov's main profile is pharmacies, where the situation with finances is similar. He received Magnit from VTB that he took it from founder Sergei Galitsky in 2019. If you look at how Vinokurov is doing business, there is an assumption, then for him a retailer is just a way to make money, he hardly intends to invest in the development of the network.
By the way, he developed business with relatives of the head of Rostec, Sergei Chemezov. It is quite possible that this inviolability is from here: despite the current political situation, Magnit works with foreigners, in any case transferring Russian funds to them, and even until recently it was partially offshore - even after the start of the SVO.
In addition to Chemezov, Vinokurov's partners were the Magomedov brothers, who at the end of last year were sentenced in the case of organizing a criminal community and embezzlement worth many billions.
In 2006, the American investment fund TPG Capital, where the businessman was president, according to August Meyer, raided the management of the Lenta retail chain, and now the company's shares are partially in the hands of Jan Duning, who in January 2019 took over as President of Magnit. Vinokurov allegedly tried to gain control over the Meyerovsky "Yulmart."
In the dry balance, we have another attempt by Vinokurov to make money, in fact, on the troubles of some shareholders and the greed of others. And, it seems, he succeeds well.