PJSC Rosseti sent an appeal to the Central Bank and the Moscow Exchange with a request to check the abnormal growth of shares in the holding’s subsidiaries last week. According to Rosseti, from October 12 to 15, the trading volume in shares of Rosseti Lenenergo exceeded the trading volume for the entire previous period from the beginning of 2021 and amounted to 1.59% of all outstanding shares, or 153% of the company’s free float.
“At the end of last week, starting from October 13, an abnormally high growth in trading volumes and the value of shares of these (“ subsidiaries ”.— “B”) companies in the absence of significant corporate news and fundamental factors, ”the company said in a statement (quoted by Interfax).
The statement specifies that the company asks to conduct an audit for possible market manipulation during trading in shares of the specified issuers, including in terms of identifying the end persons who received benefits as a result of these fraudulent actions, and are currently awaiting the results of its consideration.
As of October 14, the growth in the value of shares at daily highs exceeded 130% of the closing price of October 12, however, from October 13 to October 15, more than 100 thousand transactions were carried out in small lots, which indicates the speculative nature of such transactions, and not real interest in securities from large investors, ”the company said.
A similar situation was observed in other “subsidiaries” – “Rosseti Yug”, “Rosseti North Caucasus” and others. At the end of September, the value of shares of the subsidiary company Rosseti Siberia began to rise. The highest daily high was on September 14 and exceeded 39% of the closing price the day before.
In the period from 14 to 20 October and further, there was an “explosive” growth. So, at the daily highs on October 20, the cost reached 142% of the closing price on October 12 (197% of the closing price on September 23, 2021), and the trading volumes on each of these days were more than 30 times higher than the average daily trading volume since the beginning of 2021. year for this issuer “, noted in” Rosseti “. The total trading volume from September 24 to October 20 amounted to 1.8% of the number of placed ordinary shares.