FESCO to buy back shares from dissenting holders at 3.87 per share

MOSCOW, Oct 4 (PRIME) -- Far-Eastern Shipping Company, or FESCO, has set a price to buy back shares from minority shareholders, shareholders, who disagree with a large deal, at 3.87 rubles per share, as seen by PRIME in the company’s materials on Wednesday.

Shareholders, who will not vote or will vote against the deal at an extraordinary meeting slated for October 27, will have the redemption right.

In May 2016, FESCO had a default on a coupon payment on a U.S. $655 million Eurobond. On September 6, the company said it coordinated the main conditions of debt restructuring including a $547.5 million one-time redemption of Eurobonds and attraction of an adequate amount of investment in shareholders’ equity or raising debt capital.

(57.9375 rubles – U.S. $1)

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