As Gazprom Neft attempts to increase its holding to 29.9%, Sibir has struck a deal with its biggest debtor - shareholder Chalva Tchigirinski.
Here’s Friday’s afternoon’s press release:
The Board of Sibir announces that it has received the following security from Mr Chalva Tchigirinski and his related interests in respect of the amounts owed to the Company and that it is negotiating to obtain further security from him as soon as possible:
1. The Company has received a charge over the shares of the company which owns Villa Marina Irina, Roquebourne, Cap Martin France and has the right to take a charge over the Villa itself should it choose to do so.
2. The Company has received an assignment of the proceeds of any future sale of Hugh House, 7A Eaton Square, London SW1W 9DA and has the right to take a second charge over the house itself should the holder of the first charge agree.
3. There are arrangements in force under which 10,559,704 ordinary shares of 10p each in the capital of Sibir (the “Shares”) can be sold and the proceeds received by the Company applied in reduction of Mr Tchigirinski’s debts. The Shares will be offered to JSC Gazprom Neft at £5 per share immediately after the release of this announcement.
Tchigirinski, you may recall, borrowed $325m (£221m) from Sibir to protect his property empire; forgot to disclose most of the “loans”; and is now the subject of a High Court action to recover the missing millions.
You really could not make this up. A French villa and a house in Eaton Square. What next? A yacht in Monte Carlo? Not the yacht, take anything but the yacht.
Related link:
Sibir tender offer; maybe; price unknown - FT Alphaville
