Investors who bought VTB shares in an IPO last May will have to pay VTB24 $2.0 per month for keeping them. This will earn VTB24 over $3.0 million per annum. Buyers are dissatisfied, even though the fee is low. First, VTB’s subsidiary promised not to charge for keeping the shares of the parent company, second, shares lost almost 15% of their value. In May, VTB floated 1.5 trillion shares (22.5% of the capital) at Russian and London stock exchanges for $8.0b. Of that amount, $1.6b was paid by 131,000 private investors.
Source: VEDOMOSTI, August 21, 2007
