Save money for Rusnano shares
In May of this year, the President of the Russian Federation stated unequivocally: "There are no plans to privatize Rusnano in the foreseeable future." Reading the article published on the RusNanoNet portal, one cannot help but recall the once popular phrase: “Who is Mister Putin”?
Rusnano will be privatized later
Control over the Rusnano management company, which will start operating in the near future, may pass from the state to private investors no earlier than in 2015. This follows from the updated strategy of the company.
Rusnano's Board of Directors approved the company's revised strategy and business plan until 2020, the company announced on December 18. The changes were made to the strategy in accordance with the instructions of the Ministry of Economic Development and the Federal Property Management Agency. The most important of them is that the controlling stake of the Rusnano management company (CC) will be in the hands of private investors only after 2015. Earlier in the strategy it was established that already in 2015 the share of private investors will be able to reach 60%. The Ministry of Economic Development did not insist on changing the terms of privatization of the Rusnano Management Company, this is an initiative of Rusnano itself, which wants to approve these terms in the strategy, says an official of the Ministry of Economic Development.
The possibility of transferring the Criminal Code under private control will appear not earlier than Rusnano fulfills the target set by the state – the total revenue of its portfolio companies from sales of nanoproducts should exceed 300 billion rubles. Until this condition is met, the controlling stake of the Rusnano Management Company will remain with JSC Rusnano, 100% of which belongs to the Federal Property Management Agency, the strategy says.
Asset management functions will be transferred to the Management Company, and Rusnano OJSC will continue to own them. Rusnano Management Company will become the sole executive body of JSC instead of Chairman of the Management Board Anatoly Chubais. Management and ownership functions are separated to ensure the possibility of attracting private investment in new nanotechnology investment funds, the strategy says. We are talking about the formation of the general partner/limited partner model, which is standard for foreign direct investment funds, where unqualified investors become limited partners who are not involved in management, and investment decisions are made by a qualified managing partner (general partner). That's what the Rusnano Management Company is designed to become. According to Chubais, the inconsistency of Rusnano's management with this model created difficulties in negotiations with Western investors.
In the previous version of the strategy, it was assumed that up to 20% of Rusnano's shares would become private already in 2013. The CC has already been created, the transfer of Rusnano employees to it and the transfer of functions will take place in early 2014, approvals are now being finalized, says Rusnano representative Sergey Filippov. It was assumed that the CC would create a fund with a foreign partner and at the same time the partner would buy 10% of the CC, he explains. In addition, top managers of Rusnano will be able to buy up to 10% of the Criminal Code. All these plans remain, says Filippov.
The separation of management and ownership will also reduce management costs – the staff of Rusnano OJSC will be transferred to Rusnano Management Company, and the Management Company will receive remuneration for management in accordance with accepted international practices. It will consist of an annual management fee and remuneration for successful transactions, the strategy says.
The annual management fee is usually 2.5% of the volume of assets under management, says Dmitry Chikhachev, managing partner of the Runa Capital investment fund. For large funds, according to him, this commission is less. And the reward for a successful transaction, the so-called "carry", is usually 20% of the profit from the transaction, and this percentage does not depend much on the size of the transaction.
Portal "Eternal youth" http://vechnayamolodost.ru20.12.2013