Hidroelektra Niskogradnja: Gljadelkin’s Offer is Completely Appropriate

The management of Hidroelektra Niskogradnja announced on Friday that it considers the price of 20.52 kuna per share from the takeover offer published by Sergej Gljadelkin to be completely appropriate.

In the opinion of the management of Hidroelektra Niskogradnja regarding Gljadelkin’s offer, it is stated that the company has a high amount of negative capital and that the offered price is as much as 145.59 kuna higher than the book value.

It is noted that the compensation offered by Gljadelkin, amounting to 20.52 kuna for each share, is higher than the average weighted price of Hidroelektra Niskogradnja shares realized on the Zagreb Stock Exchange in the last three months prior to the obligation to publish the takeover offer, as the average weighted price of shares realized on the regulated market in the last three months before the obligation was 20.06 kuna, and the shares were traded less than one-third of trading days in the last three months before the obligation.

The management of Hidroelektra Niskogradnja also believes that Gljadelkin’s intentions regarding the business plan are achievable, as well as regarding the employment policy and the labor status of employees.

In this context, it is noted that Gljadelkin has been involved in the business as a strategic partner for almost two years, and since February 25, 2015, he has also been a member of the Supervisory Board.

Gljadelkin’s takeover offer was published on October 11. The obligation to publish the takeover offer for Gljadelkin arose on August 18, when he acquired 59,911 shares through a transaction on the Zagreb Stock Exchange, thus, since he already had 153,501 shares, he acquired a total of 34.21 percent of the shares of Hidroelektra Niskogradnja.

Russian Sergej Gljadelkin is also the owner of 51.33 percent of the shares of the IGH Institute.