Holders of Telegram convertible bonds will not participate in the management of the company and will not be able to influence its work. This was stated by the founder of the messenger Pavel Durov in response to the concerns of users.
One of the readers of Durov’s channel indicated that the son-in-law of former US President Donald Trump and his former adviser Jared Kushner were among the messenger’s investors. According to the user, Kushner, “being a representative of the regime”, “received leverage” on Telegram.
Durov noted that bonds do not give buyers any advantages:
“Holding bonds does not provide any meaningful leverage, nor does“ friendship ”with someone who owns the bonds. It is a form of debt that any investor can now buy on the secondary market. None of these investors receive any rights to manage Telegram or influence its policies, ”he wrote.
The creator of Telegram stressed that the bond issue allowed them to raise funds without sacrificing their independence.
According to information previously announced by the media, the bonds provide their owners with the opportunity to convert them into company shares with a 10% discount to the offering price in the event of an IPO in the next five years.
The total share that investors can get is unknown and depends on the valuation of Telegram shares. Based on the calculations of VTB Capital, which has determined the lower limit of the messenger’s cost at $ 2.2 billion , the Telegram channel Nondigital Economy did not rule out that “taking into account the discount, bondholders may receive a controlling stake.”
Also, the channel, citing an informed source, said that the messenger did not give formal obligations to hold an IPO to investors.
“But everyone understands that he has no other choice – after all, the messenger will simply have nowhere to take money to pay off the bonds,” add the authors of the channel.
Recall that in March the Telegram messenger raised over $ 1 billion through the sale of convertible bonds . Pavel Durov confirmed this information.
The largest investors were funds from the United Arab Emirates – Mubadala Investment Company and Abu Dhabi Catalyst Partners. Collectively, they bought bonds worth $ 150 million .
The Russian Direct Investment Fund (RDIF) acquired a minority stake in the investments of Mubadala Investment Company for about $ 2 million.
Since March 26, the St. Petersburg Stock Exchange has opened trading in Telegram bonds for qualified investors .