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Option 1: On a free basis all themembers of the work collective in one particular period of time aregiven: registered preference (non-voting) shares which shall comprise 25%of the authorised capital but in total should not exceed 20 minimum monthlywages for one worker;

commonshares up to 10% of the authorised capital but in total not more than 6 minimummonthly wages for one worker, with a discount of 30% from the nominal value andwith deferment of payment for up to 3 years;

on thebasis of the contracts concluded the authorised officials of the administrationare given a right (option) to acquire common stock (shares) with a face valueup to 5% of the authorised capital but not more than 2000 minimum monthly wagesfor one worker.

Option 2: All the members of thework collective are given a right to acquire common (voting) shares which shallconstitute up to 51% of the authorised capital.

Option 3: If a group of workersmakes itself responsible for the execution of a privatisation plan, for aguarantee against bankruptcy, and if it gets permission form the generalmeeting of the work collective, then the members of that group are given aright (option) to acquire (after 1 year) 20% of the authorised capital in theform of common stock (shares) at face value. All the employees of anenterprise can buy common stock that shall constitute 20% of the authorisedcapital but that sum shall not exceed 20 minimum monthly wages for one worker,with a discount of 30% from the face value and deferment of payment for up to 3years.

Appendix 2

Some results of research on potentialinvestors in the money stage of privatisation conducted by the Association ofMarketing in March-April 1994 at the request of GKI.

The subjects of the poll were 4500 citizensof Russia, 2700 functionaries of state agencies, 165 managers of state-runenterprises, 343 top executives of JVs, 94 managers and executives of voucherfunds, 86 directors of large banks, 1000 leaders of commercial structures, 1000directors of small privatised enterprises, and 104 representatives of foreigncompanies in 26 regions of Russia.

Though the focus was on investment demandin the second half of 1994, the tendencies revealed, in our view, will becharacteristic of the medium term as well (see Braverman, 1994). Theaggregate potential investment demand for state property comprised (as reportedin this study) 4887 billion rubles, including:

- 3993 billion rubles for newlysold property;

- 127 billion rubles for landtaken by joint stock companies;

- 66 billion rubles for unsoldpackets of shares of joint stock companies (as many as 30.9% showed a desire tobuy out these packets);

- 701 billion rubles to buy outcurrently occupied and additional non-residential premises leased by smallbusinesses.

The most active segments of potentialbuyers are foreign companies (34% of the aggregate demand), the population(24.8%) and commercial banks (22.6%). At the same time only 23% offoreign companies are ready to provide investment for privatisation, 6.4% amongthe citizens of Russia and 53.5% among large commercial banks.

As far as foreign investors are concerned,their reluctance to participate in Russian privatisation can be accounted forby the lack of guarantees of investment protection and lack of stability in thecurrent political situation (50% of respondent indicated these facts). Asto the commercial banks that did not wish to participate in the privatisation,they intend to invest their capital to back up their own development and tocarry out operations on the financial market. About 79% of the citizensof Russia lack free monetary assets to participate in the privatisation, while14.6% intend to invest their money in alternative channels of investment eg.they are going to deposit their money in banks, to put it in investment funds,trust companies, state securities, land, housing currency and other relatedprojects. It is vital to note in this case that the monetary means of thepopulation comprise 98.5% of all potential investors for channels of investmentother than privatisation or, to express it in figures, 13,500 billionrubles.

Practically all the foreign companies andcommercial banks demanded the opportunity to buy a large packet of shares (from25% to 25%), viewing this as an obligatory condition for participation inprivatisation. By their estimates, workforce collective andadministration can claim as much as 10-30% and 7-10% of the sharesrespectively.

As to the methods of privatisation, themost preferable method for foreign investors is purchases of shares in themarkets (two-thirds of the packet), while one-third of the packet may beacquired at the investment tender. As to the commercial banks, theirpreference is for half of all shares to be acquired at an investmenttender.

The most lucrative items for investors areenterprises of the fuel and energy complex (35.2% of the aggregate demand),followed by the chemical and food industries (15.4% and 12.9%).

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