Uralkali Board approves open market buyback programme
Published by Angharad Lock,
Digital Assistant Editor
World Fertilizer,
The Programme may also include the purchase of global depository receipts representing Shares in privately negotiated transactions.
PJSC Uralkali’s Board of Directors approved an open market buyback programme in respect of the ordinary shares in the company. The Programme may also include the purchase of global depository receipts representing Shares in privately negotiated transactions.
Shares and GDRs to be acquired under the Programme will not exceed in the aggregate 4% of the Company’s share capital. The Programme will last from May 19 until September 2016.
Purchases of Shares and GDRs pursuant to the Programme will be conducted by Renaissance Capital and\or its affiliates to be engaged by subsidiaries of Uralkali.
Purchases of Shares may be conducted on the Moscow Exchange and over-the-counter. Purchases of GDRs may be conducted in privately negotiated transactions and option agreements.
The Purchasers do not intend to acquire, alone or together with their affiliates, more than 30% of the Shares as a result of the Programme and, therefore, will not be required to make a mandatory tender offer for the Shares under Russian law.
Read the article online at: https://www.worldfertilizer.com/materials-handling/01062016/uralkali-board-approves-open-market-buyback-programme/
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