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Davidspellacy - I'd be interested to know why Evraz would be affected by the broker issue to the extent that the stock is suspended. Other Russian stocks excluded from the indices (Poly) have not been affected to that extent.
Personally I think it would be good if VP nationalised Evraz's Russian assets and promised RA he could have them when the dust settles.
Then, maybe, RA & Co would leave Evraz alone with the remaining assets. That's got to be better than shareholders getting shafted for absolutely everything.
May I add that the plane is made of mostly Russian components, but we knew that when we bought our tickets.
If the plane crashes and burns the owner will want the wreckage back once the bodies of the passengers have been removed. He's fairly sure he can build a new plane from it. That plane will also be flown by Russian pilots and made mostly of Russian components so warn your friends and family about getting on those planes.
Let's hope the FCA can slow down this plane crash down long enough for a decent plan to be put together.
Having said all that we may land safely, collect our luggage and head home with a terrifying story to tell.
All IMHO and DYOR. Make your own mind up on how this journey will end. FYI I've already said my goodbyes to the wife and accepted the inevitable.
Yeah, pretty dark for a Tuesday. I know.
I wish I could agree with you. However, you can't look at RAs holding in isolation. There is a concert party and RA heads it up. RA is not a minority non controlling holder like us.
There has been no talk of lawsuits, or even news of mild discontent, from fund managers about the FCA decision to suspend. I suspect a few of them complained that they had no choice but to hold Russian companies because they were tracking an index. That may explain why Poly and some others were removed yesterday. But there has been no sign of fund managers looking to reverse the FCAs decision to suspend Evraz.
Sorry, I don't mean to p155 on anyone's fire but we just need to wait and see which way this goes. The suspension may be lifted (at some point) or it may morph into a delisting. If it is delisted then there are various outcomes.
That's as much as we know right now. We can take a stab at the best and worse case scenario but we don't know which way this will go or when that might happen.
We are effectively witnessing a plane crash in slow motion. We are the passengers and we don't know how it's going to turn out for us yet. However, we can see that the co-pilots (NEDS) have already bailed out to safety which isn't a good sign. We're on our own in the plane with a Russian pilot at the controls.
The point around the ability to make decisions does not go away because his close associates have stepped down as directors.
If you are a major shareholder you have the ability to put forward resolutions. Those resolutions are then voted on. If you have enough votes, either alone or in concert with others, then you can pass the resolution.
That is the problem IMHO.
RA was conducting a fire sale when he found out he would be sanctioned. He moved his yacht, the lot. One thing he didn't do was sell his shares in Evraz.
Now, why did he not get rid of one of his more liquid assets? Probably because he needed to retain his voting power going forward.
Why would he care about the votes more than the value of the shares? Probably because the value is in the company and the share price doesn't matter to him.
I suspect that when, not if, Evraz delist from the LSE, the company will issue resolutions to transfer assets to newly formed companies owned by RA & Co. As minority holders we will of course vote against these resolutions but that won't matter.
Votes matter and RA and his comrades have the bulk of them. It's their company and we're going to accept that we don't have the votes to stop them.
Now, the big question is, can the FCA do anything to protect us shareholders, like it said it was doing by suspending the shares. Or did the FCA actually mean it was suspending the shares to protect new investors from buying I to this nightmare.
Please ignore this end of a bell.
He/she was on the RR bb a few months back claiming that it was going to fall to 50p. Then he miraculously disappeared... until now that is.
He/she's just here to get a rise out of people. Please ignore the posts.
The Russians are just wasting everyone's time pretending to be constructively engaging in peace talk. It's a dirty tactic designed to win time and destroy morale.
The reality is that Russian are replacing local mayors with new ones, who are bizzarly then claiming they were elected (by who and when?).
VP will not stop until he's replaced the president of Ukraine. He knows the president won't capitulate so the capital will be attacked regardless of whatever pretences are going on with these talks. The Russian objective has not been met and that was, and still is, to have their own people in charge of the country. It's an invasion which is far from over.
Read updates after 14.00 today
https://news.sky.com/story/ukraine-war-russia-news-putin-nuclear-live-updates-kyiv-12541713
Officemanager - I only have time to read what you post, and you posted about supplying Russian companies.
Let's not place any comparison between "FFS" on a bb and a full blown military invasion. I didn't mean to cause you any offence.
I generally find your posts insightful and look forward to reading them going forward.
K3ysersoze - thanks for pointing that out, you are completely correct. My apologies.
Both elements of the statement appear to be based on circumstantial evidence at this time. Let's wait and see why they believed they could make those claims.
Office manager - we're not talking about Evraz supplying Russian companies. It's the Russia military FFS.
Massive Ray - they have to prove that Evraz supplied the Russian military. They don't have to prove that the Russian military used it to make tanks. That bit is covered by usi g the word "may".
The statement was that Evraz supplied steel to the Russian military, that may have been used to produce tanks.
They KNOW that Evraz supplied the steel to the Russian military. The proposition that the steel may have been used for tank production has not been proven.
However, they will have strong circumstantial evidence to suggest that the steel was most probably used to make tanks. For example, the size or specifics of the order from the Russian military may indicate that they wanted the steel for tanks. They then may have evidence that the number of tanks increased proportionally following delivery of the order and those tanks are now in Ukraine.
They can make reasonable assumptions about how the steel was used by the Russian military without having definitive proof, as long as they use the word "may".
JM - I'm not the one who made those statements. It comes from the UK government.
You have a debatable point but that doesn't change the fact that the UK government think Evraz has supplied steel to the Russian military. Monsanto haven't supplied the Russian military with fertiliser, as far as I'm aware.
How can the LSE continue with the listing if this is the view the UK government has of Evraz?
I sincerely hope that you are right. I know that some people on here went all with Evraz and delisting is not just a setback. It's an unexpected life changing blow.
Nobody deserves that, especially if they had no idea that a FTSE 100 company was supplying steel to the Russian military and destabilising Ukraine. Where were the BOD with that info? I don't know, but I suppose if the non-execs have all resigned now then that's okay and they can sleep well at night. We'll just pick up the pieces while they sit at home with their well earned pay, which they know will also have a whiff of blood about it.
RA has been sanctioned but Ervraz has not. However, the UK government has accused Evraz of supplying steel to the Russian military.
Evraz is accused of making money out of the Russian war machine and its profits now are seen as being tainted with blood. The UK government will not want to take on RA's stake, or even sell it and donate proceeds to the Ukrainians, and let the company carry on as before. The shares will remain suspended and then probably delisted. Then what happens is anyone's guess.
It's a difficult decision to delist but I think the UK government probably will. I don't see it has any alternatives. Yes, it will hurt PIs. We've been told to expect to pay a price and this will be seen as part of that mantra. But how can anyone expect Evraz to continue being listed on the LSE after these accusations? Proven or unproven the accusations have been made.
The company denied everything it had been accused of and then the following day all the non-execs resign. All of them at once. I don't think they were happy to back the company's denials and, let's face it, they know more about the company's activities than anyone else.
I'm writing my investment down to zero. For your own piece of mind, I would suggest you do the same. If I knew Evraz was selling steel to the Russian military I would not have bought in. But I didn't know. It wasn't advertised and I'm sure most PIs wouldn't have known.
https://news.sky.com/story/amp/evraz-the-ftse-100-company-part-owned-by-abramovich-that-has-scarred-the-city-12563144#amp_tf=From%20%251%24s&aoh=16470087871651&csi=0&referrer=https%3A%2F%2Fwww.google.com
"With just 30% of its shares freely floating and available for outside investors to buy, with the rest controlled by Abramovich and his coterie, that should never have been allowed - and it is hoped the UK listing authority has learned a lesson from the affair."
jotom750 - if the people behind Evraz, RA and friends, want to transfer assets to another company then they will find a way to do it. The ownership of assets outside of Russia can be moved to another entity, as can the cash.
The reason I fear this may actually happen is that RA was panic selling all his assets last week at a discount. House, football club, the lot. I don't recall him trying to sell any of his shares in Evraz. Now, why would he not be bothered about selling shares in Evraz? His lawyers or his boss in Russia have found a way for him to take the assets out of Evraz without the needs to sell the shares. IMHO, of course.
We're not planning to delist, they told us. The same way that Russia wa not preparing to invade Ukraine no doubt. I hope I'm wrong. I really do.