LAWFUEL – The Legal Newswire – Lovells has advised OJSC Power Machines…

LAWFUEL - The Legal Newswire - Lovells has advised OJSC Power Machines ("Power Machines"), a major Russian producer and supplier of equipment for hydro, thermal, gas, and nuclear power plants as well as electricity transmission and distribution equipment, on the issue of 1.492 billion ordinary shares for US$275 million. The global coordinator and book runner of the placement was Troika Dialog. Shareholders of Power Machines, including ZTL, LMZ, Electrosila and Energomashexport, have exercised their pre-emptive right and purchased 1,303.5 million ordinary shares – 87.4% of the issue – for RUB6.11 billion. The company's main shareholders Interros (which owns 30.4% of its shares), RAO UES (25%) and Siemens (25%) have maintained their stake in the company. In the course of the issue, shareholders of Power Machines purchased more shares by pre-emptive right than was originally planned. According to the company the additional share issue was made in order to raise the funds required to finance the planned investment program of Power Machines. The Lovells team was led by Moscow-based corporate partner Suren Gortsunyan, assisted by senior associate Taras Oksyuk and associate Natalia Zaichenko. London-based partner Christopher Horton assisted on English law aspects of the transaction. Oxana Balayan, Lovells' client partner for Power Machines said: "We are very pleased to announce our involvement in this high profile transaction which is a significant issue of shares by a leader in the Russian market. This transaction reinforces Lovells' international capability in the equity capital markets." Suren Gortsunyan said: "We are delighted to have acted for Power Machines on this important transaction, which will help the company to implement its investment plans. We look forward to developing what is proving to be a successful relationship with a new client."

LAWFUEL – The Legal Newswire – Lovells has advised OJSC Power Machines…

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