Agroton – 1H13 report leaves no chance for turnaround

Обзоры по компаниям и отраслям 31.10.2013 Our analysis of Agroton’s 1H13 financial report strengthens our belief that the company’s main shareholder has no commitments to increase the company’s value. Either Agroton is hiding some accumulated past troubles, or its main shareholder is deliberately stripping the company’s assets. Therefore, we currently see enormous risks related to investing in Agroton shares and bonds and we do not recommend buying them at any price. … Agroton failed to pay a USD 3.1 mln coupon on its Eurobond in July 2013. Whatever the excuse for such failure was, at the same time Agtoron was able to lend to third parties USD 5.5 mln in 1H13. Moreover, it lent USD 10 mln to its main shareholder on July 22 (another interpretation of the number provided in the recent financial report might be USD 10 K. So far, the company has not informed us which number is correct), just a week after its default on the coupon …