Damille II says that it notes the announcement by Sistema this morning and the fall in the share price of Sistema as a result (see below). The company holds 1,599,452 shares in Sistema and this holding accounted for 40.19 per cent of the NAV as at 31 March, 2017.
The company acquired its holding in Sistema at an average price of USD 5.5767 per share. To date they have realised 400,548 shares in Sistema at an average price of 8.8259 per share excluding dividends received.
The executive directors are monitoring the situation closely.
Sistema faces a $1.9bn lawsuit from Rosneft alleging damage to Bashneft – a company that Sistema owned until it was nationalised in 2014 and later sold to Rosneft.
DIL2 : Damille II takes hit from Sistema