As at 31 December 2018, the authorised capital of MMC Norilsk Nickel comprised 158,245,476 ordinary shares with a par value of RUB 1 each. The Company placed no preferred shares.
As at 31 December 2018, there were 38,834 persons registered in the shareholder register – 38,806 individuals and 28 legal entities, including 3 nominal holders.
The reporting year saw minor changes in the shareholding structure. Olderfrey Holdings Ltd, the Company's major shareholder, built up its holding from 30.4% to 34.6% as at the year-end. The shares of UC Rusal Plс and Crispian Investments Ltd remained unchanged at 27.8% and 4.2%, respectively. Shares and American depositary receipts (ADRs) in free float owned by institutional and private investors from Europe, USA, Russia, Asia and elsewhere accounted for 33.4% of the issued capital.
The Company's ordinary shares are traded mostly on the Moscow Exchange, while ADRs are traded in the electronic trading system of OTC markets of the London Stock Exchange. As at 31 December 2018, the Company's capitalisation remained flat y-o-y at USD 29.7 bn.
The Company's ordinary shares have been trading on the Russian market since 2001. They are included in the Moscow Exchange’s Blue Chip Index (ticker symbol: GMKN) and rank among the most liquid instruments in the Russian securities market.
As at 31 December 2018, the Company’s registrar was Independent Registrar Company. Following the reorganisation completed on 4 February 2019, Independent Registrar Company became part of the IRC – R.O.S.T. Group. As a legal successor of Independent Registrar Company, IRC – R.O.S.T. has been keeping Nornickel’s shareholder register and providing a full scope of registrar services from 5 February 2019.
Holders of the Company’s shares can participate in the General Meeting of Shareholders through e-voting using the Shareholder’s Personal Account set up by the registrar. Besides, shareholders registered in the shareholder register can:
view the number and price of their shares;
check dividends accrued and paid;
see the date of the upcoming General Meeting of Shareholders.
Access to the personal account can be obtained at a branch of Independent Registrar Company. Individual shareholders with a verified Public Services Portal account can connect to their personal account remotely. The procedure to connect to the Shareholder’s Personal Account is available at the registrar's website.
|Date||Share price, RUB||Volume, mln shares||Market cap at end of period, RUB bn|
|Min||Max||End of period|
In 2001, MMC Norilsk Nickel issued ADRs for its shares. Currently, shares are convertible into ADRs at a ratio of 1:10. Depositary services for ADR transactions and custody services are provided by the Bank of New York Mellon and VTB Bank, respectively. ADRs are traded in the electronic trading system of OTC markets of the London Stock Exchange (ticker symbol: MNOD), on the US OTC market (ticker symbol: NILSY), and on other exchanges.
As at 31 December 2018, the total number of ADRs issued against MMC Norilsk Nickel’s shares was 396,925,820, or 25.1% of the authorised capital. The number of ADRs traded on stock exchanges is not constant, as depositary receipt holders may convert their securities into shares and vice versa.
|Date||ADR price, USD||Volume, mln ADRs||Market cap at end of period, USD mln|
|Min||Max||End of period|
As at the end of 2018, the Company had four Eurobond issues outstanding for a total amount of USD 3.5 bn ith maturities in 2020, 2022 and 2023, and one issue of rouble exchange-traded bonds for RUB 15 bn n 2026. In April 2018, Nornickel redeemed the Eurobond issue for USD n.
In late November 2018, the Company registered its 30-year exchange-traded bond issuing programme on the Moscow Exchange. The programme provides for exchange-traded bond issues for up to RUB 300 bn its equivalent in a foreign currency.
|2018 (LPN) (redeemed)||2020 (LPN)||2022 (LPN)||2022 (LPN)||2023 (LPN)|
|Issuer||MMC Finance D.A.C.||MMC Finance D.A.C.||MMC Finance D.A.C.||MMC Finance D.A.C.||MMC Finance D.A.C.|
|Issue size, USD mln||750||1,000||500||1,000||1,000|
|Coupon rate, %||4.375||5.550||3.849||6.625||4.100|
|Offering date||30 April 2013||28 October 2013||08 June 2017||14 October 2015||11 April 2017|
|Maturity date||30 April 2018||28 October 2020||08 April 2022||14 October 2022||11 April 2023|
|Coupon dates||30 October / 30 April||28 October / 28 April||08 October / 08 April||14 October / 14 April||11 October / 11 April|
|Issue rating||BBB− / Bаa3 / BBB−||BBB− / Bаa3 Rating revised upwards to Baa2 from 12 February 2019. / BBB−||ВВВ− / – / ВВВ−||BBB− / Bаa3 Rating revised upwards to Baa2 from 12 February 2019. / BBB−||ВВВ− / – / ВВВ−|
|Instrument||Exchange-traded bonds, BO-05|
|Issuer||MMC Norilsk Nickel|
|Offering date||19 February 2016|
|Maturity date||06 February 2026|
|Issue size||RUB 15 bn|
|Coupon dates||Each 182 days starting from the offering date|
On 29 January 2018, Moody's upgraded Nornickel's credit rating to Ваа3 (investment grade) and raised its outlook from stable to positive following an increase in Russia's country ceilings for foreign currency debt to the same Baa3 level and a change in the outlook on Russia’s rating from stable to positive.
On 30 November 2018, Nornickel received the highest creditworthiness rating according to the Russian national scale (ruAAA, outlook stable) from the RAEX (Expert RA) rating agency.
On 12 February 2019, Moody's upgraded Nornickel's credit rating to Ваа2, outlook stable, following an increase in Russia's country ceilings for foreign currency debt to the same Baa2 level and an upgrade in Russia’s sovereign credit rating to Baa3 (investment grade), outlook stable.