5 January 2017
Astarta Holding informed that Canadian company Fairfax Financial Holdings purchased 9.99% of Ukrainian agri-holding shares which belonged to principal shareholders – Mr. Ivanchik (1.8% out of his share of 37.8%) and Mr. Korotkov (8.2% out of his share of 26%).
Purchase price made PLN 60 per share, which is higher vs. current share price of Astarta of PLN 54.7 per share. During Y2016 share price of Astarta grew by 56% (from PLN 35 per share up to PLN 55), current capitalization of the company stands at USD 330M.
First news about planned deal appeared in August’16, when Astarta and Fairfax signed Relationship Agreement conditional upon completion of shares sale. In frames of this agreement Fairfax also has an option to acquire remaining share in Astarta of Mr. Korotkov (17.8%). If this option will be realized, the share of Fairfax in the company will reach 27.8% (Mr. Ivanchik will own 36%, another 36% is free float). Fairfax is well-known Canadian investment company quoted on Toronto Stock Exchange. It is not the first investment of Fairfax into Ukrainian company. A year ago Fairfax purchased 5.35% in another public company – Ovostar Union.