MOSCOW, November 14. /TASS/. Detsky Mir has defined the price for purchase of shares from shareholders voting against the reorganization of the company at a price of 71.5 rubles per ordinary share, Russia’s children's goods retailer said in a statement on Monday.
"Shareholders of PJSC Detsky Mir, who do not participate in voting on the reorganization or vote "against", will be entitled to demand redemption of their shares at a price 71.50 rubles per ordinary share," the statement said.
This represents the weighted average price of PJSC Detsky Mir shares that was derived from the results of MOEX trading sessions for the month preceding the release date for the board agenda to be considered on November 7, 2022. "The amount of funds that PJSC Detsky Mir may spend on the redemption of shares will not exceed 10% of the net assets value of PJSC Detsky Mir as of the EGM date (currently 10% of the net assets value amounts to approximately 1.6 bln rubles). If the number of shares tendered for redemption exceeds the number of shares that may be redeemed in accordance with the above limit, the shares will be redeemed from the shareholders pro rata to the tendered shares," the company explained.
On November 7, Detsky Mir said it planned a reorganization into a private firm in the form of a spin-off of LLC Detsky Mir as a subsidiary operating company. The retailer will continue its operations in children’s food and non-food product retail and will be able to focus on developing its existing retail chain, as well as to manage its business in an efficient and flexible way, the company said.
Detsky Mir Group is a multi-format omnichannel retailer operating on the market of children’s goods in Russia, Kazakhstan, and Belarus. The group comprises the Detsky Mir and the Detmir Pickup retail chains, the detmir.ru online store and marketplace, as well as the Zoozavr pet supplies retail chain. As of June 30, 2022, the total number of the group’s stores amounted to 1,123 across 442 cities and towns in Russia, Kazakhstan and Belarus. The group’s total selling space was 981,000 sq. m.