NOVATEK has spent about $2 million to buy back its shares


Moscow. November 16. NOVATEK bought in the period from November 9 to 13 220 thousand of its shares, including global Depositary receipts (GDRs), the company said. Shares purchased on the open market.

The average GDR quote last week was $92,59, thus, the purchase of shares has been spent about $2 million (one GDR represents 10 shares).

This is the second buyuback after 1, 5 year stop. Before that NOVATEK bought shares in early October.

The authorized capital of the company amounts to 3 billion 36 million 306 thousand shares, thus, with open market purchased 0,007% stake in the company.

As reported, on 7 June 2012, the Board of Directors of NOVATEK approved the buyback of shares and global Depositary receipts (GDRs) of the company totaling up to $600 million with a validity of one year. Then, the program has been renewed annually.

NOVATEK, stopped buying shares in may 2014 because of the high volatility and financial market crisis. After understanding the situation with the financing of the “Yamal LNG”, the company was going to go back to buyback. “I believe that we will extend the program for next year, and once resolved the issue of financing for the Yamal LNG project, we will consider the possibility of returning to the market for the implementation of the buyback,” – said in the spring of this year, the financial Director of NOVATEK mark Jetway.

In may the Board took the decision to extend the program for another year.

The redemption of shares and GDRs involved a 100% subsidiary of NOVATEK – Novatek Equity (Cyprus) Limited.