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Tinkov Lost Control of TCS Group after the Conversion of Voting Shares
7.01.2021 20:36
Tinkov Lost Control of TCS Group after the Conversion of Voting Shares

TCS Group B class shares, owned by the trusts of the family of businessman Oleg Tinkov Rigi Trust and Bernina Trust, will be converted into class A shares from January 7, the company announced on the London Stock Exchange website. Thus, the share of voting shares of Mr. Tinkov in TCS Group decreased from 84% to 35%. Class A shares give one vote, Class B shares ten. Mr. Tinkov justified the conversion of shares by the desire to respect the interests of investors. Now each share has an equal right to vote, and all the interests of shareholders are becoming more consistent, Oleg Tinkov said in a message from TCS Group. He noted that the company is working on the next stages of the corporate governance plan, which will be presented in the coming months. A month earlier, Mr. Tinkov's share in TCS Group decreased by 5%. The founder of Tinkoff Bank sold $ 325 million in global depositary receipts. According to him, up to $ 200 million of them is planned to be spent on creating a fund for the Tinkov family to fight blood cancer.

Author: Anna Dorozhkina

Tags: Oleg Tinkov     

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