Mechel PAO Preferred (MTL-)

[Alpha_Frog]

Any one else here own any Mechel Preferred? I recently bought into Mechel and upon the news that Sanctions could be lifted against Russia by this summer, I would expect it to only rise. See more info here: http://www.washingtontimes.com/news/2016/jan/23/russia-decides-trade-east-ukraine-sanctions-relief/

[I-Man]

POssibly, the common holding in very tight channel too...

[chaarles]

http://www.reuters.com/article/2015/06/05/russia-vtb-kostin-idUSL5N0YR19H20150605

Go Mechel Go!!!!

[chaarles]

makes no sense, the preferred in the micex touched a min. of 46,88,that would mean an arbitrage price of 0,38 USd per ADR approximately.

[UserAlias1]

MTL- traded at .117 pre-market -.3329 -73.99% Wonder what's up with that?

[UserAlias1]

Mechel OAO's Amer Depositary-Receipts Are-Compliant With Listing's Standards

Mechel Reports Receipt of NYSE Notification

Last update: 03/03/2015 8:15:07 am


Mechel Reports Receipt of NYSE Notification

MOSCOW, March 3, 2015 (GLOBE NEWSWIRE) -- Mechel OAO (MICEX:MTLR) (NYSE:MTL), one of the leading Russian mining and metals companies, reports receiving notice from the New York Stock Exchange (NYSE) that Mechel OAO's American Depositary Receipts (ADRs) are compliant with the listing's standards requiring that an ADR's average closing price over 30 consecutive trading days must not be lower than 1 US dollar.

On October 30, 2014, Mechel OAO received an official NYSE notice that the company's ADRs were no longer compliant with the NYSE listing's standards requiring that an ADR's average closing price over 30 consecutive trading days must not be lower than 1 US dollar. The company's ADRs were assigned a <.BC> suffix.

On January 29, 2015, the closing price for ADRs went higher than 1 US dollar and continued to grow throughout February. On February 27, 2015, the ADRs' average closing price over 30 consecutive trading days amounted to $1.26 per ADR.

On March 2, 2015, the company received official notice from the New York Stock Exchange that its ADRs were compliant with the listing's standards. The <.BC> suffix will be removed by the NYSE.

Mechel is an international mining and steel company which employs over 70,000 people. Its products are marketed in Europe, Asia, North and South America, Africa. Mechel unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, heat and electric power. All of its enterprises work in a single production chain, from raw materials to high value-added products.

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Mechel, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements. We refer you to the documents Mechel files from time to time with the U.S. Securities and Exchange Commission, including our Form 20-F. These documents contain and identify important factors, including those contained in the section captioned "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in our Form 20-F, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of our recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or ADRs, financial risk management and the impact of general business and global economic conditions.
CONTACT: Mechel OAO
Ekaterina Videman
Tel: + 7 495 221 88 88
[e-mail]

(MORE TO FOLLOW) Dow Jones Newswires

March 03, 2015 08:15 ET (13:15 GMT)

[chaarles]

That's nice, it broke the previous strong support point of 0,32......

Disposal of BlueStone assets:
http://www.mechel.com/press/press?rid=750&oo=2&fnid=68&newWin=0&apage=1&nm=121648&fxsl=view_soc.xsl

Probably we will be testing the Q4 2014 prices between 0,75 - 0,80 if ruble keeps going up too.........

When the state aid program is wrapped and coal prices recovers a little this can explode........ GLTA !!
Go MTL Go

[UserAlias1]

MTL- Sitting at it's 6/month high closing price!

[chaarles]

YYYeeeeeepppppp , I prefer not to look my account so I dont sell any!!!! Remember those 0,085........LOL

[UserAlias1]

MTL- at $.339/share +.039 +13%

[chaarles]

YEEEPPP, its tempting to sell all my 0,08s but I'm holding this for the long run, I promise to myself I would not sell them before $s land......... lol........
I'm loaded big time here, don't know how people are not looking into this gem.......
Go MTL...... make me rich....... lol

[UserAlias1]

MTL- Above $.20/share again!!!!

[UserAlias1]

BOOM! MTL- +51%.

[chaarles]

NEWS!!!!:
http://finance.yahoo.com/news/russian-minister-says-mechel-receive-114912259.html?.tsrc=applewf

Go Mechel Go and make me rich please!!!!!!!!!!!

[chaarles]

This will be coming back to $s land in the coming years. Can't wait.....

[UserAlias1]

MTL- preferred's holding their value recently.

[chaarles]

Buying big time here!! waiting for a nice 2015 for mechel.

[UserAlias1]

Ouch -34.49%...

[UserAlias1]

Up 52.94% today!

[UserAlias1]

Bankruptcy most likely scenario for indebted Mechel-economy minister

(Reuters) - Russian Economy Minister Alexei Ulyukayev said on Saturday that bankruptcy was the most likely scenario for the over-indebted steelmaker Mechel .

"It is very difficult to suggest any other reasonable solution. We should probably admit the fact - if a company is bankrupt, it should be legally acknowledged," Ulyukayev told reporters.

Russian officials have been looking at ways of helping Mechel, which has debts of $8.6 billion and 70,000 workers, for months, including the sale of a railroad to the company's Elga coal mine in Russia's far east to state Russian Railways.

Ulyukayev said there were was no money to finance the buyout of the railroad, adding there probably was no other way than to declare Mechel bankrupt.

"It is a high risk for the banks, of course, they will write off reserves but there is no other way. I think we will have to go this way," Ulyukayev told reporters on the sidelines of an economic forum in the Black Sea resort of Sochi.

Mechel itself is considering selling its core assets for between $2 billion and $3 billion over two or three years and wants its main creditor banks - VTB, Sberbank and Gazprombank - to restructure its debt.

Andrei Kostin, the chief executive of VTB, said on Friday that debt restructuring would not help Mechel in the long term and that VTB would have to take legal action to recover debts from the ailing miner after its proposal to convert part of Mechel's debt into shares was rejected. (Reporting by Darya Korsunskaya; Writing by Maria Kiselyova; Editing by Elaine Hardcastle)

http://www.reuters.com/article/2014/09/20/russia-mechel-bankruptcy-idUSL6N0RL0CL20140920

[rosen62]

Dividend!

Just got this on my etrade account

Security: ***MECHEL OAO (MTL.PR)
Amount Credited: $69.80

[UserAlias1]

MTL- fire sale about to occur?

[UserAlias1]

Pretty volatile day today for $MTL- closed -15%

[UserAlias1]

Russian-Govt Has Two Possible Bailout Options For Mechel -Interfax
6:38a ET July 30, 2014 (Dow Jones) Print

Russian Govt Has Two Possible Bailout Options For Mechel -Interfax

By Olga Razumovskaya

MOSCOW--The Russian government has prepared two possible bailout plans for Russian coal miner OAO Mechel, Andrei Belousov, presidential aide, was quoted by Interfax news agency as saying Wednesday.
The bailout plan will entail either a debt restructuring led by Vneshekonombank, Russia's development bank, or a restructuring under which creditor banks would become Mechel's shareholders.
The heavily-indebted Russian coal and steel producer, with a net debt of over $9 billion, was in talks with its creditors to arrange a covenant vacation until the end of 2014, citing poor economic conditions.
The company has undertaken plans to concentrate on its core coal business and sell non-core assets, amid rising iron-ore prices and dwindling demand for steel.

Write to Olga Razumovskaya at [e-mail]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires
July 30, 2014 06:38 ET (10:38 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.DN201407300050142014-07-30 10:38:00.0001MKULPCMS7CAQ025SV7J4S8M3MDJNF

[UserAlias1]

Mechel Reports-Obtaining-SGS-Certificate-for-Elga-Deposit's Coking-Coal
7:41a ET July 29, 2014 (GlobeNewswire) Print


Mechel OAO (NYSE:MTL), one of the leading Russian mining and metals companies, reports that the leading inspection, verification, testing and certification company SGS confirmed the high quality of the Elga deposit's coking coal.

Independent lab testing showed that samples of coking coal from the Elga deposit are up to Russian and international standard. According to the test results, this coking coal is characterized by low content of phosphorus and sulfur and high vitrinite content. The test samples also have the requisite fluidity of the coal's plastic layer.

A sample of coking coal was also successfully tested by a major Japanese steelmaking holding. Its experts concluded that the Elga deposit's coking coal can be efficiently used in making coke.

"The Elga deposit is a unique source of coal for Asia Pacific due to its immense reserves, high quality of its products and last but not least, geographic proximity. This certificate shows that the Elga coking coal's competitive qualities are beyond doubt," Mechel OAO's Chief Executive Officer Oleg Korzhov said.

Mechel is an international mining and steel company which employs over 70,000 people. Its products are marketed in Europe, Asia, North and South America, Africa. Mechel unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, heat and electric power. All of its enterprises work in a single production chain, from raw materials to high value-added products.

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Mechel, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements. We refer you to the documents Mechel files from time to time with the U.S. Securities and Exchange Commission, including our Form 20-F. These documents contain and identify important factors, including those contained in the section captioned "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in our Form 20-F, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of our recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or ADRs, financial risk management and the impact of general business and global economic conditions.

CONTACT: Mechel OAO
Ekaterina Videman
Tel: + 7 495 221 88 88
[e-mail]



http://media.globenewswire.com/cache/11345/small/8976.jpg

http://www.globenewswire.com/newsroom/ti?nf=MTMjMTAwOTE2MzgjMTEzNDU=

[UserAlias1]

MTL- cheap. Undervalued.

[chaarles]

Oleg Korzhov to take over at Mechel following Mikhel resignation

Mechel has replaced its chief executive as the heavily leveraged Russian steel and coking coal producer looks to tackle its net debt of more than $9bn.
Oleg Korzhov, the company’s senior vice-president for economics and management, will take over from Evgeny Mikhel, who has been chief executive since 2010. Mr Korzhov will start his new role on Wednesday.

On Monday, Mechel revealed it would discuss the early resignation of Mr Mikhel at a board meeting that day.
Lossmaking Mechel is one of several Russian miners struggling to pay down billions of dollars in pre-crisis debt after embarking on global buying sprees in the heady days of the commodities boom.
Last week, Mechel, which is owned by Russian billionaire Igor Zyuzin, reported a net loss of $2.2bn in the first nine months of 2013 because of a number of one-off write downs. This was up from a net loss of $550m in the same period last year.
In recent months the company has focused on securing covenant holidays until the end of 2014 from its creditors, alleviating pressure on the coal miner. This has included arrangements with Sberbank and a deal with a syndicate of foreign banks, including ING, Société Générale, UniCredit, Commerzbank, Raiffeisen and Russia’s VTB.
Mechel has been struggling with the effects of depressed global prices for coal, which accounted for around 30 per cent of its revenues but around four-fifths of earnings last year. It is among the world’s six largest exporters of coking coal, a key ingredient in steelmaking.
While Mechel is among the most indebted Russian miners, it is not alone. Rusal, for instance, is contending with about $10bn in net debt, according to information released by the company in late September.
Mr Mikhel, who took over as chief executive from main shareholder Mr Zyuzin in July 2010, has focused on selling the company’s non-core assets. It plans to sell further assets next year that are either lossmaking or not part of its core mining business.
Mr Zyuzin, Mechel’s chairman, said: “Oleg Korzhov is an expert in his field?.?.?.?We are sure that he has the ability to bring Mechel to a new level of development and successfully resolve the tasks that the company faces.”

[uwinwithme]

Mechel taking all the necessary steps to satisfy lenders , selling non-core assets and reducing debt. even at current depressed market prices for steel and iron ore etc MTL is cash flow positive. If we get uptrend in prices MTL can be hugely profitable and debt burden will be reduced further. Toast to 2014 and good ridence to 2013 for MTL.

[chaarles]

Mechel considers dismissing CEO after $2.2bn loss

Mechel is considering replacing its chief executive as the heavily leveraged Russian steel and coking coal producer continues to grapple with its debt burden.
The company’s board will discuss the resignation of Evgeny Mikhel at its meeting on Monday, according to a regulatory statement. An announcement is expected on Tuesday but a spokesman declined to comment further.

Mr Mikhel has been Mechel’s chief executive since July 2010, taking over from Igor Zyuzin, the company’s Russian billionaire owner, who returned to his earlier role of chairman. Before becoming chief executive Mr Mikhel had been Mr Zyuzin’s first deputy chief executive officer since 2009.
Lossmaking Mechel is one of several Russian miners struggling to pay down billions of dollars in pre-crisis debt.
In the heady days of early 2008, groups such as Mechel and Evraz, a Russian steelmaker, embarked on global buying sprees, purchasing assets as far away as the US and Canada.
Last week, Mechel reported a net loss of $2.2bn in the first nine months of 2013 because of a number of one-off writedowns. This was up from a net loss of $550m in the same period last year.
It is one of Russia’s most indebted mining companies, with more than $9bn of net debt. In recent months the company has focused on securing covenant holidays until the end of 2014 from its creditors, alleviating pressure on the coal miner. It has announced arrangements with Sberbank and a deal with a syndicate of foreign banks, including ING, Société Générale, UniCredit, Commerzbank, Raiffeisen and Russia’s VTB.
The company is also in talks to sell assets that are either lossmaking or not part of its core mining business.
Mechel has been struggling with depressed global prices for coal, which produced around 30 per cent of revenues but around fourth-fifths of earnings last year. Mechel is among the world’s half-dozen largest exporters of coking coal used in steelmaking.
At its results Mr Mikhel said: “This year, the company operated in the conditions of continuing weakness on our key markets, which to a large extent had an impact on its main financial results. Nevertheless, by strictly adhering to our planned course aimed at creating conditions for deleveraging, we managed to resolve the most critical issues.”
While Mechel is among the most indebted of Russian miners, it is not alone. Rusal, for instance, is contending with about $10bn in net debt, according to information released by the company in late September.
Mechel’s Moscow share price remained flat in Monday afternoon trading, down almost 1 per cent to Rbs64.9.

http://www.ft.com/intl/cms/s/0/0f161f4c-7155-11e3-adbd-00144feabdc0.html#axzz2p2ydF3vt

[rosen62]

Russia trading at 5 PE forward earnings. Good 2014.

[chaarles]

mid 2014 we will have a different picture of Mechel with reduced debt and higher margins. It's going to be big for this ADRs.

[chaarles]

This will pay for around 5 % of outstanding debt, keep going Mechel.

[chaarles]

Mechel Announces Closing Deal on Disposal of Several Ferroalloy Assets

Mechel OAO (NYSE:MTL), one of the leading Russian mining and metals companies, announces closing the deal for disposal of 100% shares in Voskhod Mining Plant (Khromtau, Kazakhstan) and Tikhvin Ferroalloy Plant (Tikhvin, Leningrad Region, Russia) to Turkey's YILDIRIM Group for a total of 425 million US dollars.
In accordance with the deal's conditions, the YILDIRIM Group paid the entire sum to Mechel OAO.

Société Générale Corporate and Investment Bank, ING Bank and Dechert LLP were advising Mechel on this transaction.

"This agreement was signed in line with the strategy on restructuring the group's non-core assets. The funds our company got from this deal will be used for deleveraging. On the whole, in 2013 we made significant headway in disposing of non-core assets, closing deals on nine out of 14 enterprises we marked for disposal. We will complete sales of other non-strategic assets in 2014," Mechel OAO's Chief Executive Officer Evgeny Mikhel noted.

Editor's note:

Tikhvin Ferroalloy Plant – Located in Tikhvin, Leningrad Region, it is a modern enterprise of a capacity to produce up to 120,000 tons per annum of high-carbon ferrochrome used to produce stainless steel. As raw material, the plant uses the chrome ore concentrate produced at Voskhod mining plant.

Voskhod Mining Plant – includes a modern chrome ore mine and a beneficiation plant for further processing of the ore and producing chrome ore concentrate. Voskhod's proven and probable reserves total 20.3 million tons of ore according to JORC standards.

YILDIRIM Group (www.yildirimgroup.com) – a Turkey-based, privately owned, highly diversified industrial group active in 11 sectors including mining, ferroalloys, fertilizer production and trade, coal and coke trading, port operations and logistics, shipping and shipbuilding, energy, real estate development and private equity investments . The Group is headquartered in Istanbul, Turkey, and employs globally over 8,500 employees.

YILDIRIM Group is the owner of ETI KROM INC., Turkey's largest producer of chrome ore as well as high-quality high-carbon ferrochrome, and of VARGÖN ALLOYS AB, the oldest ferroalloy plant in the world. The Group is one of the world's largest hard lumpy chrome ore producers as well as the world's second largest high-quality high-carbon ferrochrome producer.

Erdem & Erdem Law Office in Istanbul, Turkey and Norton Rose Fulbright (Central Europe) LLP were advising YILDIRIM Group on this transaction.

Mechel is an international mining and steel company which employs over 80,000 people. Its products are marketed in Europe, Asia, North and South America, Africa. Mechel unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, heat and electric power. All of its enterprises work in a single production chain, from raw materials to high value-added products.

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Mechel, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements. We refer you to the documents Mechel files from time to time with the U.S. Securities and Exchange Commission, including our Form 20-F. These documents contain and identify important factors, including those contained in the section captioned "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in our Form 20-F, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of our recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or ADRs, financial risk management and the impact of general business and global economic conditions.

CONTACT: Mechel OAO
Ekaterina Videman
Tel: [phone]
[e-mail]

[uwinwithme]

True, The Justice family received MTL-P for payment of Blue stone operations in USA. Good chance they've been net sellers as a huge proportion of their wealth is tied to it. I bet big banks are squeezing shares from them. If they borrowed against their shares they're getting killed.

[chaarles]

That's a nice buy, lots of big funds are betting on this one, Russia is not like Europe or the USA, a company like Mechel does not fall with 80000 employees and the biggest part of its debt in hands of russian banks.
I'll keep adding when possible.
In relation to the other post I dont think this funds buy this amounts in the open market, I believe some of thar is purchased trough private transactions.
GLTA and Merry Christmas

[uwinwithme]

a lot of fund managers wont buy until 2014, as they don't want to show on year end statement that they own MTL since its got hammered.

[RedHerring]

This is appx 25 % of the float, and about 10% of the total prefer reds outstanding...how do you suppose they would be able to accomplish this feat? Looking at the volumn...how would somebody do this? Since nobody really knows...I thought I'd ask a rhetorical question. They own them now...so it doesn't really matter how they got'em.

[uwinwithme]

looks like East Capital added 12 mil shares according to filling 10/31/13

[rosen62]

No problemo, as long as he gets paid in equity :)

[RedHerring]

Since there is lots of levers the Russian government could utilize to benefit Mechel and the industry, and Ole Vladimir is the de facto power broker the following is the order of priority.

Number 1: Vladimir Putin
Number 2: Igor Vladimirovich Zyuzin
Number 3: Russian Economy

So what Putin is working on is a significant piece of the pie IMO. This is tit for tat, time to pay the Putin.

[rosen62]

About.

Last press releases speak of government inducing local demand by affecting imports and government loan guarantees which will help reduce interest rates. This is mostly industry related and not company specific. On a DIP these shares are toast, I think. Only 20% of their debt is held by intnl banks so there is a lot the Russian gov can do to move the needle in favor of mtl. Or not.

[RedHerring]

DIP was not the right analogy, but if Govt backing is the outcome company specific than the system has a right to profits. If as you are hopefully inferring, that govt. is backing its industry than you would be correct in assessing a very large benefit to MTL. The parties are definitely slow playing their hands for no real apparent reason to identify opportunities. Do you own 100,000 shares?

[rosen62]

Not a huge position. Just a starter.

Debtor in possession financing is in conflict with the current waiver of covenants. Why would the company be given waivers to immediately after enter a situation that carries even more restrictions?

We will soon know what the aid is about but it appears is not only mtl that requires help so if the support is industry-wide this may give mtl a better chance and much more time to straighten out the ship.

[RedHerring]

How many shares do u own and at what price? New out or Medvedev is he going to provide a debtor in possession type govt backing by the banks ?

[rosen62]

Well... looks like another chance to add at a lower price. Already in the 100ks.

[rosen62]

Well.. that is a lot of new positions. The whole institutional count is almost the entire issuance of preferred ADRs. If anything, not much supply anymore. Unless I am reading something the wrong way.

[chaarles]

It seems JPM sold half of what they bought in the 1st quarter, they hold now 7,8 million shares plus 1,3 million from its Korean subsidiary.

http://investors.morningstar.com/ownership/shareholders-major.html?t=MTL.P®ion=USA&culture=en-US

Major Shareholders MTL.P
FundsInstitutions
Name Shares
Held % Total
Shares Held Shares
Change % Chg from
Prior Port % Total
Assets Date of
Portfolio
East Capital Asset Management AB 9,823,982 3.54 9,823,982 New 0.49 06/30/2013
J.P. Morgan Asset Management (UK) Ltd. 7,845,644 2.83 7,845,644 New 0.02 06/30/2013
Pictet Asset Management SA 4,444,024 1.60 4,444,024 New 0.02 06/30/2013
East Capital AB 2,146,994 0.77 288,880 15.55 0.53 06/30/2013
Pacific Investment Management Co LLC 1,432,160 0.52 1,432,160 New 0.01 06/30/2013
Daiwa Asset Management Co.Ltd. 180,000 0.20 180,000 New 1.15 02/20/2013
JP Morgan Asset Mgmt (Korea) Co Ltd 1,336,391 0.46 0 0 0.82 06/30/2013
Prosperity Capital Management Ltd 973,275 0.35 973,275 New 1.30 06/30/2013
Svenska Handelsbanken AB 600,000 0.21 0 0 0.27 09/30/2013
Nordea Investment Mgmt Bank Demark A/s 521,305 0.19 521,305 New 0 06/30/2013
Jefferies & Company, Inc. 421,262 0.15 47,738 12.78 0 06/30/2013
J.P. Morgan Investment Management Inc. 353,139 0.13 353,139 New 0 06/30/2013
Northern Star Partners Ltd. 297,902 0.10 0 0 1.47 09/30/2013
eQ Asset Management Oy 112,000 0.04 0 0 0.79 02/28/2013
BlackRock Advisors (UK) Ltd 137,977 0.05 137,977 New 0 06/30/2013
OFI Asset Management 92,826 0.03 3,401 3.80 0.08 06/30/2013
Renaissance Technologies Corp 43,300 0.02 43,300 New 0 06/30/2013
Russell Frank Co 41,304 0.02 41,304 New 0 06/30/2013
Sena Weller Rohs Williams Inc 12,000 0 0 0 0 09/30/2013
Ashmore Investment Management Limited 6,104 0 -275,896 -97.84 0 06/30/2013
Permissions/Reprint

[rosen62]

Can you please direct me to a link or page where that information is being detailed? Can't find anything on it. Thanks.

[chaarles]

JPM thinks different, they bought 15 million of these in the 1st or 2nd quarter this year. Check the institutional investments in these for the first half of the year.
Preferred shares must be paid in order for commons to get paid any dividends, as soon as the company gets black numbers (IMO that will happen in 2014-2015) dividends will be paid.
I'm loving this at these prices, for the long term.

[rosen62]

Thank you for starting this fora.

What makes this a good speculative investment? Dividends are not cumulative. Lack of long term history abiding rule of law in Russia. In addition, these quasi preferred shares are subject to a lot of arbitrary regulations by the company itself. Not to mention that Putin hates them. Where do these shares go from here in a 9 bill debt-laden company? I can't see them receiving dividends in a long, long time. It may take years and a lot of restructuring before they ever get any money given potential covenants tied to the debt... Without divies, where's the value? Last but not least, Justice family appear to be net sellers here. And they own a chunk!

These preferred shares have nothing "preferential".