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M&A: M. Prokhorov's Ragato Management buys 24.75% of Quadra shares

Ragato Management Limited acquired 24.745914% of the authorized capital of JSC Quadra – Power Generation, Quadra informed.

Prior to the deal, Ragato Management did not hold voting shares in the generating company.

It will be recalled that on September 12, Russia's Federal Antimonopoly Service granted the application of Ragato Management Limited for the purchase of 30% of the voting shares in JSC Quadra.

Ragato Management belongs to Mikhail Prokhorov, as follows from his property declaration submitted as part of the candidate registration procedure for Russia's 2012 presidential election.

According to previous reports, Onexim Group LLC wholly owned by M.Prokhorov acquired 48.6% of Quadra shares for RUB 26 billion in 2008 as the assets of OJSC RAO UES of Russia went on sale. The stake was first held by Onexim Holdings Ltd (Cyprus), then transferred to its subsidiary Joule Energy Ltd in April 2008.

JSC Inter RAO UES also showed interest in the company's shares, but Russia's Federal Antimonopoly Service did not greenlight the transaction. In June 2013, the watchdog also dismissed the application of OJSC Gazprom energoholding for the Quadra shares.

Ragato Management Limited (BVI) is principally engaged in investment activities.

JSC Quadra – Power Generation (TGC-4 before May 2010, tax number: 6829012680) was registered on April 20, 2005. Its authorized capital is RUB 19.878 billion represented by 1,912,505,577,759 common and 75,272,938,838 preferred shares at par value of RUB 0.01.

The company is active in 11 regions of the Central Federal District: Belgorod, Bryansk, Voronezh, Kaluga, Kursk, Lipetsk, Oryol, Ryazan, Smolensk, Tambov, Tula regions.

IFRS net loss of Quadra for 2013 dropped 8.17-fold to RUB 720.236 million from RUB 5.883 billion the year before. Revenue increased by 16.8% to RUB 46.568 billion from RUB 39.869 billion, profit from operations before depreciation of fixed assets was RUB 82.657 million against a loss of RUB 586.873 million for 2012, loss before tax decreased 11.66 times to RUB 611.746 million from RUB 7.131 billion.

According to the DataCapital information retrieval system, RAS net loss of Quadra for 2013 increased by 91.66% to RUB 1.187 billion from RUB 619.511 million the year before. Revenue increased by 13.93% to RUB 41.345 billion from RUB 36.291 billion, sales profit was RUB 2.327 billion against a loss of RUB 363.794 million in 2012, loss before tax increased by 96.14% to RUB 1.181 billion from RUB 602.023 million.

"AK&M", 08.07.2014


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