Andrew Mamon said that the founder of pizza chain opposes deals with the shares of former employees. 9 August 2017 former Director of product information system “Dodo pizza” Andrew Mamon said in Facebook that the head of the network, Fedor Ovchinnikov allegedly prevented him and another top Manager to sell their stakes in the company.
The decision to sell their shares Mamon explained the urgent need in Finance. For this he created in “Vkontakte” group “Investments in Dodo pizza”, where 16 Jun 2017 posted an ad to sell the shares. I needed Finance and I made the decision to sell its stake “Dodo pizza”, which has remained with me since the time I was a top Manager of the company.
[Another top Manager] Marcel Ziganshin also decided to sell its stake. We decided to join forces and I created a group in order to find people who would buy our shares. The ad says that are available for purchase the shares of the parent company “Dodo pizza” DP Global.
From it also follows that the founders of the group are ready to help with a purchase or sale of shares of the company in exchange for 3% of the transaction amount. “Under current circumstances the price per share of the company “Dodo pizza” can be calculated as the number of pizzerias multiplied by $10. That is, when 202 pizzerias in the network the value of one share of roughly $2020″, — stated in the message.
In an interview with vc.ru Mamon said that their Ziganshin package includes 107 shares. The price per share at the last location, he said, was $1400. “We were ready to give the whole package for $1500 apiece. Its $160,5 thousand,” — said Mamon. At the rate of CBR on August 9 this amount is equal to approximately 9.6 million rubles.
Writes Mamon, on the day of publication of the announcement he was contacted by Ovchinnikov and asked to delete the post and close the group. The former employee also posted in Facebook screenshots correspondence with Ovchinnikov. If you believe them, “Dodo pizza” Mammon asked not to advertise the companys shares because of the risks “to attract unnecessary attention as speculators.”.
Ovchinnikov also offered assistance with the sale of shares. In the course of correspondence, the parties agreed to sell the package for $1500, originally Mamon hoped to gain for shares to $2000.
“Only $1500 at least, cheaper is not interesting. Otherwise, we belly up can surface. We do something at the expense of the community wanted good offers to obtain,” wrote Mamon Ovchinnikov. The latter promised to help find a buyer.
I wanted to sell the shares expensive, but then I realized that he is ready to cut prices if the shares are sold in one package. I didnt want to spend a few transactions with several investors, stretch the selling the whole package for a year. The prospect of selling the entire package to one investor or the Fund looked tempting, so I abandoned the idea of “speculative sales” and adopted the proposal of Theodore.
After discussions Mamon closed group “Investments in Dodo pizza” and removed all its participants. According to Mammon, he Ziganshin contacted the Director of franchising, “Dodo pizza” Andrew Petelin for further instructions for the sale of shares, and all went according to plan. August 1, Marcel received a letter from Fyodor Ovchinnikov, in which he refused from the previous agreements and commitments. In this letter Theodore says that will hamper our ability to sell shares.
Go on dumping, to offer investors a better price. Will be ready to join us in competition and try to kill our rate. According to Mammon, the letter Ovchinnikova “left him in shock”.
“We talked a lot personally, and I always perceived the word Fedora as something immutable and solid. We can say that “this is business”, and all previous commitments are void. It is possible to promise something and then change it as you want,” wrote a former employee of the “Dodo pizza”. In conversation with vc.ru Mamon said that no papers with Ovchinnikov they are not signed and all the agreements were oral — level of correspondence in “Vkontakte”.
“Ive always believed Fedor on the floor, as we had good relations during the work in the company we always agreed about everything, doing things quickly, in words, and the moment is always shaped by then. I had not even thought to think that something can go wrong,” said Mamon.
Fedor Ovchinnikov in the comments under the entry Mammon confirmed the authenticity of the correspondence. The Chapter on “Dodo pizza” explained that did not give assurances of assistance in the sale of shares of Mammon and Ziganshina. At that moment I really wanted to help, but my opinion changed after certain events.
I must first think about our company, our employees and investors. I am responsible for a big company, which has invested your money a huge number of people (franchisees and investors). I made dozens of investors refused at the last moment, and it was their right. In any case you earn, but it will be later.
You just have to wait. I fulfilled all obligations in front of you. You left the company and received from me personally of the action — without any investment. The company has grown and increased the valuation of shares, but this estimate of our future, and the future we have not yet created.
The current assessment is the assessment in cash (when the money goes to the development of the company) and not cash out (when the money goes in the pocket of the owners of the shares). For us it is not profitable, when former employees sell shares on the evaluation of our future, they do not create this future. It strongly discourages current employees with shares and options. They yet do not earn money, because the future we have not yet created.
Ovchinnikov added that he would like to keep the money investors in business. “Let them go current employees through the partial sale of the implemented options.”. Now the community of “Investing in Dodo pizza” re-opened, the announcement is also available for all users.
Mamon re-opened the group, as Ovchinnikov has not fulfilled its obligations, he explained in a conversation with vc.ru. I have positioned the group as the exchange, employees had not seen who was behind the deals, and they didnt have demotivation. If we proceed from the position that Ovchinnikov was voiced in the letter, he will oppose us, not allow them to sell the shares.
We will use group and other tools that are available to us in order to sell the stock and realize our right which is enshrined in the agreement.