Russia’s Novatek ready to buy shares from dissenters at 571.34 rbl/shr

MOSCOW, Mar 22 (PRIME) -- Russian independent gas producer Novatek is ready to buy shares at 571.34 rubles per share from shareholders dissenting with a deal to raise foreign financing for the Yamal LNG project, as seen by PRIME Monday in the company’s materials prior to an annual meeting of shareholders.

“Item seven of the agenda includes approval of a number of transactions and agreements related to external financing of the Yamal LNG project…Novatek shareholders who voted against approval of the transactions and agreements or did not take part in the voting on this agenda item, have the right to request full or partial buyback by the company of their holdings of Novatek shares,” the company said.

“The board of directors has set the buyback price in accordance with recommendations of an independent appraiser at 571.34 rubles per share, which represents a weighted average share price on the Moscow exchange for a 180-day period preceding the appraisal date.”

Novatek will hold the annual general meeting of its shareholders on April 22.

(68.8086 rubles – U.S. $1)

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