Novatek share buyback extended
Russia’s Novatek, operator of the Yamal LNG project, informed it approved the extension of the share buyback program until 7 June, 2016.
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 company’s Management Board. On 27 May in 2014, the company’s Management Board approved the extension of the share buyback program until 7 June, 2015, Novatek said in a statement on Thursday.
Novatek Equity (Cyprus) Limited, a unit of the Russian company, through an independent broker purchases shares and/or GDRs on the Moscow Exchange and the London Stock Exchange respectively, at market prices at the time of purchase.
As of 21 May, 2015, 14,191,610 ordinary shares have been purchased on the open market as part of the program implementation, Novatek added.