MICEX, RTS is going to change the rules of the delisting of securities, allowing investors during the three months to make transactions in shares of issuers who have decided to withdraw from the open market. Now stop trading in shares immediately after the relevant decision of the issuer, and minority shareholders often do not manage to sell their shares on the open market.
MICEX, RTS reported yesterday that the Committee on Stock Market December 21, 2011 decided to change the rules of the delisting of shares on the initiative of the issuer from the list of securities admitted to trading on the Exchange. It is assumed that delisting can be carried out not less than three months after the issuing of such a decision. The new rules state that after the issuer decides to delist, he will send a statement to the stock exchange before the Committee on Stock Market. The Committee may make recommendations on which the market will decide on the suspension or termination of trading of shares of the issuer and the exclusion from the list of securities admitted to trading. In addition, the Exchange may be recommended not to exclude stock from the list at the request of the issuer, in which case the exchange will take the decision not to exclude them from the list, notifying the issuer.
Now the MICEX, RTS shall consult with the Federal Service for Financial Markets (FSFM), following which a final decision. According to the MICEX, RTS, changes in the rules delisting introduced to protect the interests of investors, so they can sell the shares before they will cease to apply on the exchange. "We have already agreed on the conceptual approaches to a change in listing rules, including the establishment of a" health time ". This procedure will be applied right now," - said "Y" Milovidov Dmitry Pankin said. He added that the radical solution would change the law on joint stock companies to the decision to withdraw the company's shares on the stock exchange and delist its shares were accepted by the general meeting of shareholders.
The existing listing rules on the stock exchange shall not impose a temporary corridor between the decision of the issuer to terminate its market appeal and direct their exclusion from the circulation. The consequences of such practices clearly manifested at the end of last year, when December 27 the company "Power machines" has decided to delist, which was published an hour before the auction. The very next day of trading these securities has been conducted, therefore, some investors could not sell the paper directly on the stock exchange at market price. Since delisting "Power Machines" Five issuers have decided to delist its securities - "Elsib", "Tulamashzavod", "Red October", "Ufaorgsintez" and "Ufaneftekhim" (the last two - "daughter" Bashneft ").
Such a mass exodus of issuers from the Exchange has been associated with the unification of the MICEX and RTS, which resulted in the listing was governed by the rules of the MICEX. "Before the union of the RTS were more liberal rules: papers could handle at the request of the issuer and Professional players could not claim to delist, as on the MICEX," - said Deputy Chairman of the Management Board "Arsagera" Alexei Astapov. He adds that as soon as the stock exchanges merged, the issuers have decided to take advantage of the rules of the MICEX, which enabled them to meet its obligations under the offer. This situation has caused widespread discontent as professional participants and investors. The result was an open letter on the MICEX, RTS, which stated that the existing rules delisting infringe on the rights of investors. At present a petition signed by hundreds of investors.
If the bidding stops immediately after the decision to delist the issuer, the investor can not sell them at market price. "It remains only to show them the offer by the issuer, the price at which may be substantially lower or sell securities on the OTC market buyers, which is not regulated, and the pricing on it is not related to the market value of securities" - explains the asset manager of the management company "Capital "Vadim Beat Avragim. For example, shares, "Power Machines" after news of the delisting price fell 7% to 9%, therefore, after the cessation of bidding to win back the losses investors could not, under any circumstances. "The so-called three-term health, when the papers continue to be traded, will allow investors with minimal losses to get rid of stocks, which stopped listing" - sums up Mr. Beat Avragim.
MICEX, RTS reported yesterday that the Committee on Stock Market December 21, 2011 decided to change the rules of the delisting of shares on the initiative of the issuer from the list of securities admitted to trading on the Exchange. It is assumed that delisting can be carried out not less than three months after the issuing of such a decision. The new rules state that after the issuer decides to delist, he will send a statement to the stock exchange before the Committee on Stock Market. The Committee may make recommendations on which the market will decide on the suspension or termination of trading of shares of the issuer and the exclusion from the list of securities admitted to trading. In addition, the Exchange may be recommended not to exclude stock from the list at the request of the issuer, in which case the exchange will take the decision not to exclude them from the list, notifying the issuer.
Now the MICEX, RTS shall consult with the Federal Service for Financial Markets (FSFM), following which a final decision. According to the MICEX, RTS, changes in the rules delisting introduced to protect the interests of investors, so they can sell the shares before they will cease to apply on the exchange. "We have already agreed on the conceptual approaches to a change in listing rules, including the establishment of a" health time ". This procedure will be applied right now," - said "Y" Milovidov Dmitry Pankin said. He added that the radical solution would change the law on joint stock companies to the decision to withdraw the company's shares on the stock exchange and delist its shares were accepted by the general meeting of shareholders.
The existing listing rules on the stock exchange shall not impose a temporary corridor between the decision of the issuer to terminate its market appeal and direct their exclusion from the circulation. The consequences of such practices clearly manifested at the end of last year, when December 27 the company "Power machines" has decided to delist, which was published an hour before the auction. The very next day of trading these securities has been conducted, therefore, some investors could not sell the paper directly on the stock exchange at market price. Since delisting "Power Machines" Five issuers have decided to delist its securities - "Elsib", "Tulamashzavod", "Red October", "Ufaorgsintez" and "Ufaneftekhim" (the last two - "daughter" Bashneft ").
Such a mass exodus of issuers from the Exchange has been associated with the unification of the MICEX and RTS, which resulted in the listing was governed by the rules of the MICEX. "Before the union of the RTS were more liberal rules: papers could handle at the request of the issuer and Professional players could not claim to delist, as on the MICEX," - said Deputy Chairman of the Management Board "Arsagera" Alexei Astapov. He adds that as soon as the stock exchanges merged, the issuers have decided to take advantage of the rules of the MICEX, which enabled them to meet its obligations under the offer. This situation has caused widespread discontent as professional participants and investors. The result was an open letter on the MICEX, RTS, which stated that the existing rules delisting infringe on the rights of investors. At present a petition signed by hundreds of investors.
If the bidding stops immediately after the decision to delist the issuer, the investor can not sell them at market price. "It remains only to show them the offer by the issuer, the price at which may be substantially lower or sell securities on the OTC market buyers, which is not regulated, and the pricing on it is not related to the market value of securities" - explains the asset manager of the management company "Capital "Vadim Beat Avragim. For example, shares, "Power Machines" after news of the delisting price fell 7% to 9%, therefore, after the cessation of bidding to win back the losses investors could not, under any circumstances. "The so-called three-term health, when the papers continue to be traded, will allow investors with minimal losses to get rid of stocks, which stopped listing" - sums up Mr. Beat Avragim.
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