Bonds of RBC Information Systems have been admitted to trading in the framework of the program to organize trading in exchange-traded bonds on the MICEX Stock Exchange.
In accordance with the Rules of Admission of Exchange-traded Bonds to Trading on the MICEX Stock Exchange, the Directorate of the Exchange has decided to admit eight issues of RBC’s exchange-traded inconvertable interest-bearing documentary bearer bonds with compulsory centralized safekeeping (hereinafter: exchange-traded bonds) to trading in the course of their placement on the MICEX SE. The total volume of the bonds, placed through open subscription, is 12 billion rubles. The maturity date of the bonds is the 364th day after the beginning of placement.
The underwriter is Alfa-Bank, a participant in trading on the MICEX SE.
The Directorate of the Exchange has decided to assign the following identification numbers to the issues of these equity securities: 4B02-01-05214-?, 4B02-02-05214-?, 4B02-03-05214-?, 4B02-04-05214-?, 4B02-05-05214-?, 4B02-06-05214-?, 4B02-07-05214-?, 4B02-08-05214-? of 24 October 2007.
The peculiarity of this emission of securities is the admission of eight issues of exchange-traded bonds with different parameters in the framework of one prospectus. RBC is the second issuer to have its exchange-traded bonds admitted to trading in the course of their placement on the MICEX SE. Before, “36,6” chain of pharmacies underwent the same procedure. “36,6” had intended to place its exchange-traded bonds in September 2007, however, due to the situation on the debt capital market, decided to put off placement for a later date.
Exchange-traded bonds are a new financial instrument which has no equal on the Russian stock market in terms of convenience and the cost of issue. In compliance with the law, the issuance of and trading in exchange-traded bonds have the following peculiarities:
- State registration is not needed for exchange-traded bonds. The MICEX SE itself assigns a registration number to the issue of exchange-traded bonds, which enables to considerably shorten the time of placement.
- State registration and the report of the results of the issuance are not needed (after summing up the results of placement the Exchange itself sends an appropriate notification to the RF Federal Service for Financial Markets). The MICEX Stock Exchange can start trading in the bonds on the day following the placement.
- There is no state duty to be paid for the registration of the issue.
- The standards of the prospectus of exchange-traded bonds are much more liberal as compared to corporate bonds.
For exchange-traded bonds to be admitted to placement on the MICEX Stock Exchange, an issuer must satisfy the following requirements:
- Shares of the issuer of exchange-traded bonds must be listed on the Exchange. At present, there are 55 companies which can issue exchange-traded bonds. The listing procedure is simple enough and an issuer can have its shares listed at any time.
- The company — issuer of the bonds must have at least a three-year history. It must have properly certified financial statements for two complete financial years.
- The time of performance of obligations for bonds can not exceed one year after the beginning of their placement.
- The issuer must submit to the MICEX SE a set of documents which is similar to the set of documents submitted in the case of corporate bonds.
When the full set of documents is submitted, the MICEX SE gives the bond issue an individual identification number. The procedure of admission of exchange-traded bonds to placement and trading and the procedure of placement and trading are practically the same as in the case of corporate bonds.
The rates charged by the MICEX Stock Exchange for the admission of exchange-traded bonds to placement are two times lower than in the case of corporate bonds. In 2007 the MICEX SE offers a preferential fixed pricing plan: 1000 rubles for the admission of one issue of exchange-traded bonds to placement independently of the issue volume. Payment is charged only for the admission to placement. There are no payments for the assigning of the registration number and admission to trading.
RBC is one of Russia's largest media companies. The holding is comprised of Russia's first business TV channel RBC-TV, Russia's largest business portal rbc.ru, RBC Daily newspaper and a number of other publications and Internet resources. RBC’s client base is over 3500 advertisers. In 2006 RBC’s consolidated revenue amounted to 5 612 million rubles (213 million dollars), its net profit reached 1 039 million rubles (40 million dollars) and its EBITDA reached 1 501 million rubles (57 million dollars). On 24 October 2007 the capitalization of RBC Information Systems amounted to 24 076 208 800 rubles. About 52% of RBC’s shares belong to the founders of the Company: Mr. German Kaplun, Mr. Alexanser Morgulchik and Mr. Dmitri Belik. The rest of shares are freely traded on the stock market.