Picture-1 – see how the price of aluminium metal is rising on the US exchanges
Picture-2 – see how the share prices of US and Chinese peers, the aluminium companies Alcoa (first chart) and Chalco (second chart), have performed
Picture-3 – see how the Hong Kong Exchange large-cap market index has moved*:
* As the Hong Kong market developed, a series of indices based on issuers’ regions and industries and the liquidity of their shares emerged to reflect the performance of various types of stocks listed in Hong Kong. The S&P/HKEx LargeCap Index is composed of 25 stocks representing about 75 per cent of the total market capitalisation of the Main Board.
And now, Picture-4 – see how United Company Rusal has fallen, in the opposite direction to aluminium and the largecap index, and more sharply than Alcoa and Chalco:
Toby’s calculation of Rusal’s current net value
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At the current share price of HK$7.58, Rusal’s market capitalization = HK$114.73 billion, or US$14.77 billion. Rusal’s liabilities as of Prospectus date = US$19.1 billion Rusal’s payments to creditors out of IPO Proceeds = US$2.143 billion Balance of liabilities = US$16.96 billion Net value of Rusal = minus US$2.19 billion |
Toby’s calculation of Oleg Deripaska’s position in Rusal:
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Post-Prospectus shareholding of 47.99% x market capitalization of US$14.77 billion = US$7.1 billion |
Less Michael Chernoy’s UK High Court claim for US$4.3 billion | ![]() |
= US$2.8 billion
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