MGKL shares, managing the 'Mosgor Lombard' network, dipped by 5.03% compared to Friday's close, hitting a low of ₽2,436, according to trading data at 15:51 MSK.
The drop in MGKL quotes was noted on news about the company's accounts being frozen to recover debts. This was reported on the FNS website.
Later, MGKL reported that there are currently no restrictions on its accounts, and the company is operating normally. "Previously, a minor amount was technically blocked as part of standard tax administration procedures. The obligations have already been fulfilled. All settlements are conducted in the usual manner, and the company's operations were not affected," the company's statement reads.
In response to a request from RBK Investments, MGKL emphasized that the tax authorities technically blocked an amount that is insignificant for the company. "This is about a blockage of an amount in the account, not a blockage of accounts. These obligations to the Federal Tax Service have already been fulfilled," stated a company press service representative.
Against this backdrop, MGKL's quotes bounced back. As of 16:25 MSK, the decline slowed to 1.8%, and the price recovered to ₽2,525.
Nevertheless, as of 16:33 MSK, the notice of account blockage remained on the Federal Tax Service website.
MGKL bonds traded on the Moscow Exchange on Monday, April 27, were down 0.63–5.04% compared to the closing price on Friday.
The largest drop was observed in MGKL-1P7 paper, maturing in January 2030. At its lowest, the price dropped to ₽1090, which is 5.04% lower than the previous day's closing price. As of 16:30 MSK, the paper has recovered and is trading at ₽1127.7 (-1.76%). The yield on the last trade is 27.75%.
The company has eight series of exchange bonds in circulation with a total volume of ₽3.7 billion. The nearest bond maturing is in December 2026, MGKL 1P1. As of 16:30 MSK, it is down 0.76% in price (at its lowest, it lost 0.84%), with a yield on the last trade of 25.52%.
️Most likely, the situation was technical in nature or due to a minor cash gap, explained Ivan Taskin, head of the fixed income analytics department at Vector Capital. The issuer confirmed this, indicating that the blockage has been lifted, and it was explained by standard tax administration procedures, added the expert.
However, there is no positive spin on this situation, and liquidity issues don't necessarily have to start with multi-million blockages, warned the expert. Even such small incidents can justifiably shake the stock quotes. According to Ivan Taskin, stories involving M&A deals with a huge goodwill component in the acquisition cost, massive stakes in bonds with a gradual relocation of the issuer to the SPB Exchange, and nearly complete financing of the company through public bond issues do not add positivity.