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Wednesday 20 October, 2010

Temirbank JSC

Corrected auction sale announ

RNS Number : 7352U
Temirbank JSC
20 October 2010
 



20 October 2010

 

Auction sale to "qualifying investors" of residual securities from the restructuring of Temirbank JSC to be carried out by BTA Securities

 

Following completion of the restructuring of Temirbank JSC in accordance with the Information Memorandum dated 22 February 2010, the First Supplemental Information Memorandum dated 9 March 2010 and the Second Supplemental Information Memorandum dated 11 March 2010, each published by Temirbank JSC, "Subsidiary Organization of "BTA Bank" Joint-Stock Company "BTA Securities" Joint-Stock Company has been appointed as the "Independent Liquidator" to carry out an auction for the placement of the following unclaimed securities of "Temirbank" Joint-Stock Company.

Global depositary receipts of "Temirbank" JSC, underlying asset of which consists of its ordinary shares:

Type of receipts: global depositary receipts

ISIN: US87971S1006/ US87971S2095

Underlying asset: ordinary shares of "Temirbank" JSC

Ratio: 1 global depositary receipt comprises 2000 ordinary shares of the Bank

Number of the depositary receipts to be placed: up to 202 861 receipts

Documents regulating issue of the depositary receipts: Global depositary receipts of the Bank are issued, depending on the status of the intended holder, in accordance with Regulation S or Rule144A

Custodian: Subsidiary Bank "HSBC Bank Kazakhstan" Joint-Stock Company (Republic of Kazakhstan, Almaty City)

Depository: The Bank Of New York Mellon (USA, New York City)

Domestic Secured bonds of "Temirbank" JSC:

Type of bonds: coupon mortgage bonds

Number of bonds to be placed: up to 194 989 375 bonds

Security: Bonds are secured with pledge of receivables under the mortgage loan agreements, including mortgage certificates, which may be accepted as a security in accordance with the requirements of the legislation of the Republic of Kazakhstan, the regulatory legal acts of the authorized body, in the course of circulation the bonds may be secured with pledge of the Bank's funds.

Number of bonds in issue: 1 000 000 000 000 bonds

Par value: 1 tiyn

Coupon fee rate: 8% per annum during the first year of circulation.

From 15.03.2011 - floating rate depending on the rate of inflation, to be determined according to the formula: r = i + m, where

"r" shall be the rate of coupon fee;

"i" shall be the rate of inflation to be calculated as increase/decrease of a consumer price index in yearly terms (value of the index in per cent less 100%) published by the Agency of the Republic of Kazakhstan on Statistics for the last 12 (Twelve) months preceding one month prior to a date of commencement of a respective coupon period;

"m" shall be a fixed margin being 1% throughout the period of circulation of the bonds.

In case of changes in denomination of a consumer price index, procedure for calculation thereof, etc., an equivalent index to be specified by the Agency of the Republic of Kazakhstan on Statistics will be applied upon calculation of a coupon fee.

Maximal value of a coupon fee rate shall be 12% per annum, minimum - 8%.

Date of commencement of circulation: March 15, 2010

Representative of a bondholder: "Bank CenterCredit" Joint-Stock Company (Republic of Kazakhstan, Almaty City)

Period of bond circulation: 10 years

Background

In order to address the financial and capital situation described in the Information Memorandum dated 22 February 2010, the Bank restructured its liabilitiesas described in detail in the Information Memorandum.  In brief summary, the restructuring  enabled JSC Temirbank to settle liabilities by payment of funds, issue of new international financial debt instruments,  change of the terms and conditions of existing issues of local bonds, change of the terms and conditions of a number of large deposits, as well as change of the terms and conditions of transactions of "Temirbank" JSC related with trade financing.

On June 30, 2010, the procedure for restructuring of liabilities of "Temirbank" JSC was completed. As part of the restructuring"National Welfare Fund "Samruk-Kazyna" Joint-Stock Company took part as a major shareholder holding 79,90% ordinary shares of "Temirbank" JSC. Generally, the volume of restructured liabilities amounted to approximately USD 1,5 billion.

According to the results of restructuring the equity capital of "Temirbank" JSC was increased up to KZT 51,2 billion, and debt on liabilities reduced from KZT 227,04 billion (rate existing as at December 31, 2009) down to KZT 180,93 billion.

Following completion of restructuring of its liabilities "Temirbank" JSC is going to qualitatively renew its business in order to restore positions of a successful and profitable general-purpose financial institution. Until the end of 2012 "Temirbank" JSC is going to increase its assets up to KZT 251,5 billion. Moreover, the Bank forecasts earning of positive net profit during the years of 2010-2012. Thus, the Bank forecasts that in 2012 profitability indices of the Bank, such as ROAA and ROAE, will be 2,7% and 19,3%, accordingly.

Auction process

The auction process will not be an offer of securities to the public.  A limited number of qualifying investors who indicate their interest to BTA Securities and who can give the necessary representations that they are qualifying investors will be invited to participate in the auction process.

Additional information about "Temirbank" JSC is placed on the official site of "BTA Securities" JSC www.btas.kz, where you can have a look at information memorandum regarding placement of depositary receipts and secured bonds of "Temirbank" JSC, requirements made to potential purchasers, as well as obtain a form of an application and representations for those that wish to participate in the auction process. If you have any questions, please do not hesitate to contact us by the following telephone numbers and/or by e-mail:

Dzhumadilova Ainura, Corporate Finance Department of "BTA Securities" JSC

Tel.: + 7 (727) 393 73 01, 393 73 93

Fax: + 7 (727) 393 73 94

E-mail: [email protected]

 

Doskarayeva Madina, Corporate Finance Department of "BTA Securities" JSC

Tel.: + 7 (727) + 7 727 393 73 07

Fax: + 7 (727) 393 73 94

E-mail: [email protected]

 

Nothing in this press release should be relied on for any purpose. In particular and without limitation, nothing in this press release, , the Information Memorandum, the First Supplemental Information Memorandum and the Second Supplemental Information Memorandum or any other document issued with or appended to it nor any information on Temirbank JSC on the official site of "BTA Securities" JSC www.btas.kz should be relied on in connection with the purchase of any shares, securities or assets of the Bank.This press release is not an offer of securities to the publich.  This press release is not an offer of securities in the United States.  Securities may not be offered or sold in the United States absent registration or an exemption from registration.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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