NOVATEK of Russia approved the extension of the share buyback program until 7 June, 2014, keeping the size of the program and other terms unchanged.
According to NOVATEK’s Chairman of the Management Board, Leonid V. Mikhelson , “ The decision to extend the buyback program reflects our confidence in successful development of our key projects and significant growth potential of NOVATEK, which, in our opinion, is not fully reflected in the current market valuation of the Company ”.
On 7 June, 2012 the Company’s Board of Directors approved a one-year buyback program in respect of ordinary shares of NOVATEK and/or Global Depositary Receipts representing Shares (each GDR representing 10 Shares) in the aggregate amount of up to 600 million US dollars. The terms of the program provide for its extension by a decision of the Management Board.
Novatek Equity (Cyprus) Limited, a wholly owned subsidiary of the Company, through an independent broker purchases shares and/or GDRs on MICEX-RTS Stock Exchange and the London Stock Exchange (LSE) respectively, at market prices at the time of purchase.
As of 27 May, 2013, 5,517,510 ordinary shares (including in a form of Global Depositary Receipts) have been purchased on the open market as part of the program implementation.
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LNG World News Staff, May 30, 2013