Tinkov family relinquishes control over TCS Group
The family of Russian billionaire Oleg Tinkov has relinquished control over the TCS Group Holding PLC — Tinkoff Bank’s parent company.
An announcement published on the London Stock Exchange website states that all TCS Group Class B shares held by the Rigi Trust and Bernina Trust connected with Oleg Tinkov were converted to “ordinary” (Class A) shares as of Thursday, January 7.
As a result, the Tinkov and his family’s voting rights in the TCS Group have now fallen from 84 percent to 35 percent.
In a comment published as part of the London Stock Exchange’s announcement, Oleg Tinkov referred to the share conversion as “a landmark in the history of the Group.” I believe that this is good for everyone!” the businessman said. “Every share now has equal weight on all shareholder votes, and all shareholders’ interests are aligned even more closely.”
In December 2020, a trust belonging to Oleg Tinkov and his family sold a 5.3 percent stake in the TCS Group for a total of $325 million. The Tinkov family announced that the proceeds from the deal would be invested in creating a charitable foundation involved in blood cancer research and developing a donor institution. At the time, investors reacted negatively to the deal — the company’s stock quotes lost value on both the Moscow and London stock exchanges.
Oleg Tinkov was diagnosed with acute leukemia in October 2019.