Kaspi CEO Mikhail Lomtadze (L), chairman Vyacheslav Kim (R)@KASPI
Last month, Kaspi.kv, the retail and fintech unicorn from Kazakhstan, made headlines around the world after a successful IPO on the London Stock Exchange at a $6 billion dollar valuation. It was celebrated as the largest international tech IPO in London of 2020.
But Kaspi is not a traditional tech startup with hungry, disruptive founders and hard driving investors. At the heart of Kaspi is a deal among three men and a private equity fund involving billions of dollars that–despite scrutiny from the London Stock Exchange, sponsors and regulators–raises a whole host of questions.
The two most important players at Kaspi are its chairman, Vyacheslav Kim, and CEO Mikhail Lomtadze, whose respective 25% and 23% stakes are currently worth around $2 billion each. But, working alongside Moscow-based private equity fund Baring Vostok, the journey the duo took to become the largest individual shareholders of the company is filled with plot holes.
The largest of which features one Kairat Satybaldy, a former investor and the politically powerful nephew of Kazakhstan’s former president Nursultan Nazarbayev. Satybaldy claims to have walked away from Kaspi in 2018, unloading a very similar sized stake to the one now owned by Lomtadze.
The Deal
In what’s described by a Kaspi spokesperson as part of a “large transaction,” Kim spent around $390 million buying Kaspi stock in 2018. Then, according to the prospectus, he transferred shares to Lomtadze that at the time were worth an estimated $500 million, in exchange for a “certain non-cash consideration” in December 2018 “pursuant to a long-standing arrangement encompassing their various business interests.”
Added to a 9.9% stake given to Lomtadze by Kim (as part of the same “arrangement”) prior to 2017–Lomtadze was granted a total stake of 31% in Kaspi.
In 2019, Lomtadze’s ownership dropped to 29%; it appears as though he may have sold part of his holding to Goldman Sachs, which acquired a 4% slice of the company that year. Lomtadze now owns 23% of the company, according to filings, worth $2.2 billion.
I’m sure someone will be along to tell us it’s more evidence that social media causes nothing but trouble and this is all really nothing for us to worry about or even discuss.
And if anything it’s just more evidence fans in their Moms (sic) basements have nothing better to do that trawl random and disreputable websites such as, * checks notes* companies house, that publish information they know nothing about - because we at Wycombe do things differently and don’t deal with anyone that gives out private and secret information, and that this really affects the players and their families.
I can't wait for the Netflix documentary 'Welcome to Tblisi', when fans of the sport all around the world will marvel at the romance of money being artificially pumped into our club to raise our profile. Good times coming!
I'm just worried about where this loan "debt" (if it's a loan) is going to be put on. Will it be Rob's responsibility or will the club be expected to take this on? I'd hate for this to become a Glazer's situation like Man Utd.
Quite. If this guy is buying Wycombe , saddling us with a massive debt, on the premise of paying it off via the club's own profits, that would be quite alarming.
How do they come together? One is a money lender and the other needs to borrow would seem to cover it. As much as a random billionaire showing interest might be fun.
I think we are coming up to a year since much was made of access roads, terrace improvements, roofs etc.
The toilets were paid for by the trust when they let the Couhigs off their loan.
Question is probably now is this part of some big plan to go forward with all the improvements and support the team (with potential impact on the trust who would still need to contribute) or have we just been spending to a level which has chewed through the Couhigs pot and we're off asking elsewhere and mortgaging future revenue, or somewhere in between.
No idea but will be interested to hear any answers, not holding my breath.
As far as I can ascertain, this gentleman is a Georgian National running a business in Kazakhstan, both countries having close relations with Russia. To me this is worrying.
One is a money lender and the other needs to borrow would seem to cover it.
That's not quite true though is it. One is a person who owns businesses that lends money, the curiosity here is that this appears to be a personal loan. Why would he make a personal loan when he owns businesses that give loans?
Comments
So the new funding is to complete the refurbishing of the Terrace and Origin bogs!
Ih Mikhail Lomtadze made his money out of ski lifts, we might be in for a treat.
I expect that he made it by working really hard...
Mikhail Lomtadze is an anagram of hot milkmaid zeal. It's a sign.
Source: Forbes
Kaspi CEO Mikhail Lomtadze (L), chairman Vyacheslav Kim (R)@KASPI
Last month, Kaspi.kv, the retail and fintech unicorn from Kazakhstan, made headlines around the world after a successful IPO on the London Stock Exchange at a $6 billion dollar valuation. It was celebrated as the largest international tech IPO in London of 2020.
But Kaspi is not a traditional tech startup with hungry, disruptive founders and hard driving investors. At the heart of Kaspi is a deal among three men and a private equity fund involving billions of dollars that–despite scrutiny from the London Stock Exchange, sponsors and regulators–raises a whole host of questions.
The two most important players at Kaspi are its chairman, Vyacheslav Kim, and CEO Mikhail Lomtadze, whose respective 25% and 23% stakes are currently worth around $2 billion each. But, working alongside Moscow-based private equity fund Baring Vostok, the journey the duo took to become the largest individual shareholders of the company is filled with plot holes.
The largest of which features one Kairat Satybaldy, a former investor and the politically powerful nephew of Kazakhstan’s former president Nursultan Nazarbayev. Satybaldy claims to have walked away from Kaspi in 2018, unloading a very similar sized stake to the one now owned by Lomtadze.
The Deal
In what’s described by a Kaspi spokesperson as part of a “large transaction,” Kim spent around $390 million buying Kaspi stock in 2018. Then, according to the prospectus, he transferred shares to Lomtadze that at the time were worth an estimated $500 million, in exchange for a “certain non-cash consideration” in December 2018 “pursuant to a long-standing arrangement encompassing their various business interests.”
Added to a 9.9% stake given to Lomtadze by Kim (as part of the same “arrangement”) prior to 2017–Lomtadze was granted a total stake of 31% in Kaspi.
In 2019, Lomtadze’s ownership dropped to 29%; it appears as though he may have sold part of his holding to Goldman Sachs, which acquired a 4% slice of the company that year. Lomtadze now owns 23% of the company, according to filings, worth $2.2 billion.
On the plus side, he's certainly got enough money to build that new road.
Mind you, Rob Couhig is an anagram of "oh uric bog" which is a sure sign the toilets are going to get done.
That should get us ikpeazu, gold toilets and swan burgers in the kiosks.
I don't know. More likely than a gift i'd have thought.
If it's a gift then there wouldn't be a need for a charge as alluded to by @NiceCarrots & Alan Cecil earlier.
We've cracked it! We don't need a statement!
First fixed charge, deed made on 28th September.
Great
I’m sure someone will be along to tell us it’s more evidence that social media causes nothing but trouble and this is all really nothing for us to worry about or even discuss.
And if anything it’s just more evidence fans in their Moms (sic) basements have nothing better to do that trawl random and disreputable websites such as, * checks notes* companies house, that publish information they know nothing about - because we at Wycombe do things differently and don’t deal with anyone that gives out private and secret information, and that this really affects the players and their families.
@Kim_il_Swan Ikpeazu has signed for Port Vale. Nice thought but it ain't happening any time soon
I can't wait for the Netflix documentary 'Welcome to Tblisi', when fans of the sport all around the world will marvel at the romance of money being artificially pumped into our club to raise our profile. Good times coming!
I'm just worried about where this loan "debt" (if it's a loan) is going to be put on. Will it be Rob's responsibility or will the club be expected to take this on? I'd hate for this to become a Glazer's situation like Man Utd.
Could be tempted by your swan burgers..😳😁
Quite. If this guy is buying Wycombe , saddling us with a massive debt, on the premise of paying it off via the club's own profits, that would be quite alarming.
Quiet day then?
I would say this is the first of future loans.
Interestingly it is in his name and not one of his companies.
No doubt we will soon be playing at the Kaspi Stadium at Adams Park and Shota Arveladze will be brought in as our new manager.
I'm looking forward to our tour to Astana in 2024.
How do they come together? One is a money lender and the other needs to borrow would seem to cover it. As much as a random billionaire showing interest might be fun.
I think we are coming up to a year since much was made of access roads, terrace improvements, roofs etc.
The toilets were paid for by the trust when they let the Couhigs off their loan.
Question is probably now is this part of some big plan to go forward with all the improvements and support the team (with potential impact on the trust who would still need to contribute) or have we just been spending to a level which has chewed through the Couhigs pot and we're off asking elsewhere and mortgaging future revenue, or somewhere in between.
No idea but will be interested to hear any answers, not holding my breath.
The Trust sent out an email at 15.17 today with a mesmerising update on toilets.
Given this news was already in the public domain, seems an odd decision.
Does the Trust board know what is going on and given it is now in the public domain, where's the update?
No mention of our thrashing of Stevenage either.
As far as I can ascertain, this gentleman is a Georgian National running a business in Kazakhstan, both countries having close relations with Russia. To me this is worrying.
This looks like a sale.
I wouldn't say Georgia are particularly close to Russia, given recent events
@ReturnToSenda
Russian Interference Archives – Byline Times - second article may be of interest.
Russia and Georgia get on like Israel and Iran
I'd be extremely surprised if a charge was a purchase but you never know! We might be run sustainably...
One is a money lender and the other needs to borrow would seem to cover it.
That's not quite true though is it. One is a person who owns businesses that lends money, the curiosity here is that this appears to be a personal loan. Why would he make a personal loan when he owns businesses that give loans?