Fixed-price securities fell almost 19% due to a dividend gap

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The securities of the retailer Fix Price (FIXP) fell at the start of trading on the Moscow Stock Exchange due to the dividend gap in the price. The receipt price fell by 18.88% to RUB 167.1 per paper. As of 10:05 Moscow time, the decline slowed to 16.8% and the security price recovered to₽171.2.

Thursday, December 12, was the last day the stock traded without a dividend. On December 5, Fix Price's board recommended interim dividends for 2022-2024 of RUB 30 billion (or RUB 35.3137 per share).

The date on which the persons receiving dividends on securities are determined is December 13, 2024. In order to be included in the register and obtain the right to dividends, it was necessary to purchase securities one trading day before the closing date of the register.

On the day the payments were announced on December 5, fixed-price receipts on the Moscow Stock Exchange increased by 37%. For minority shareholders who held the asset before the recommendation, this would have brought a return of more than 20%.

The payment of the interim dividend was a positive surprise for the market. “We were not sure whether the company would pay dividends after the shift to Kazakhstan or wait for the possible next stage - the shift to Russia, the likelihood of which it reported,” analysts at BCS World of Investments noted.

At the end of October, Fix Price CEO Dmitry Kirsanov reported that the company was considering various options as further strategic moves, including the possibility of obtaining a stock exchange listing for the group's key operating assets, followed by the possibility of moving to this level of ownership for minority shareholders. Fix Price's main operating subsidiary is the Russian LLC Best Price. A representative of Fix Price explained that we are discussing a listing on the Moscow Stock Exchangespeak.

In October 2023, the retailer received a listing on the Astana International Exchange (AIX). In November 2023, Fix Price shareholders decided at an extraordinary general meeting to move its headquarters from Cyprus to Kazakhstan. The company had previously announced plans to maintain its listing on the Moscow Stock Exchange after the "move".

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