Arkady Volozh refused to sell his stake in Yandex
The press service of Yandex published a statement about market rumors about the sale of a controlling stake to Sberbank .
The statement cites the words of the founder and main shareholder of the company Arkady Volozh:
In addition, the statement noted several important points:
The company emphasizes that the share capital structure of the two classes of shares was created before the IPO “to preserve the entrepreneurial spirit and provide an opportunity to focus when making decisions on the long-term development goals of the company and to a lesser extent on the short-term reaction of capital markets”.
With the release of the press release, the stock price of Yandex has grown by 7.5%, but still has not recovered after a deep drop of 24% , which began after the appearance of information on negotiations with Sberbank.
At the same time, it can be assumed that the market still admits the possibility of the passage of Yandex under, which will negatively affect the company's business.
The statement cites the words of the founder and main shareholder of the company Arkady Volozh:
“When we founded Yandex 21 years ago, we couldn’t imagine that it would become a world-class technology company,” says Arkady Volozh. - Once all the employees of Yandex fit in one apartment, and today the company employs almost 10 thousand people. I am very proud of what our team has achieved over the years. We create innovative products that improve the lives of tens of millions of people. And we are not going to stop. I plan to continue to lead Yandex and do not intend to sell my stake in the company . I also support the efforts of the board of directors for the development of the company, including the assessment of various possibilities for managing the capital structure. ”
In addition, the statement noted several important points:
- Such actions [corporate actions affecting the rights of any shareholders] must be approved not only by the board of directors, but also by shareholders who own 75% of class A shares.
- Arkady Volozh currently owns Class B shares, representing 48% of the voting share and 10% of the economic share in the company’s capital.
- The co-founders and first employees of Yandex, including Arkady Volozh, jointly own 57% of the voting share.
- In accordance with the Articles of Association of a company, class B shares cannot be transferred or sold to third parties, including heirs.
The company emphasizes that the share capital structure of the two classes of shares was created before the IPO “to preserve the entrepreneurial spirit and provide an opportunity to focus when making decisions on the long-term development goals of the company and to a lesser extent on the short-term reaction of capital markets”.
With the release of the press release, the stock price of Yandex has grown by 7.5%, but still has not recovered after a deep drop of 24% , which began after the appearance of information on negotiations with Sberbank.
At the same time, it can be assumed that the market still admits the possibility of the passage of Yandex under, which will negatively affect the company's business.