RIA NOVOSTI. MDM Bank has placed in full its additional shares worth Rub 284.16 mln to convert type-3 preferred shares into common shares, RIA Novosti reports. The bank also said it cancelled type-3 preferred shares.
The Bank of Russia registered the lender’s SPO on August 22, 2011. The number of the securities to be placed equals Rub 284.16 shares with Rub 1.00 par value each. No preemptive right is stipulated for the purchase of the securities.
This June MDM Bank’s AGM gave the green light to convert 285,163 type-3 preferred shares into common shares. Type-3 prefs are expected to be converted at a 1:1 ratio. The media reported earlier that the bank’s shareholders unwilling to convert their shares into commons will be provided with the opportunity to sell them at the price set by MDM Bank’s BoD, i.e. Rub 16.40 per share.
