Novatek said that independent broker has begun to execute purchases of ordinary shares of Novatek and Global Depositary Receipts representing Shares (the “GDRs”, each GDR representing 10 Shares) on the open market pursuant to the share buyback program approved by the Company’s Board of Directors and announced on 7 June.
The Company’s CFO and Board member Mark Gyetvay stated: “ We have delivered stellar financial and operational results throughout 2012 in accordance with our Corporate Strategy, and have outlined a clearly articulated plan to continue expanding our production base, our processing and transport assets, and our hydrocarbon commercial activities, which, when implemented, will continue our enviable proven track record of delivering sustainable growth in 2013 and beyond.
The recent share price movement does not fully recognize our strong business fundamentals and future growth prospects as well as properly assessing the recent announcement of a major value accretive acquisition. Accordingly, we have decided to allocate capital to our share buyback program as previously announced and, effective today, we have begun the process of purchasing our shares on the open market in accordance with rules and regulations governing these types of transaction s”.
[mappress]
LNG World News Staff, November 16, 2012