On 1 March 2011 PJSC Novorossiysk Commercial Sea Port has fulfilled its obligation to redeem own shares from its shareholders according to redemption claims submitted, and completed related settlements with the shareholders, the company's press release said.
As of March 1st, the redemption settlement date, – an amount of RUB 2,531,763,830.4 was payed to the shareholders, which equals 10% of NCSP's net asset value and represents the maximum stock buyback amount. A total of 516 686 496 shares were redeemed from the shareholders at the price of RUB 4.9. Thus PJSC NCSP has performed its obligation to the shareholders in full.
Shares were redeemed on the basis of the PJSC NCSP EGM resolution dated 16 December 2010 to approve the transaction to acquire 100% of participatory interest in Primorsk Trade Port LLC, which constitutes a major transaction, the price (cash value) of which exceeds 50% of the balance sheet asset value of PJSC NCSP, calculated on the basis of PJSC NCSP RAS financial statements as of the most recent reporting date, and also constitutes an «interested party transaction» due to the interest of PJSC NCSP shareholder Novoport Holding Ltd, holding 50.1% of NCSP voting shares, the NCSP's statement said.
As of March 1st, the redemption settlement date, – an amount of RUB 2,531,763,830.4 was payed to the shareholders, which equals 10% of NCSP's net asset value and represents the maximum stock buyback amount. A total of 516 686 496 shares were redeemed from the shareholders at the price of RUB 4.9. Thus PJSC NCSP has performed its obligation to the shareholders in full.
Shares were redeemed on the basis of the PJSC NCSP EGM resolution dated 16 December 2010 to approve the transaction to acquire 100% of participatory interest in Primorsk Trade Port LLC, which constitutes a major transaction, the price (cash value) of which exceeds 50% of the balance sheet asset value of PJSC NCSP, calculated on the basis of PJSC NCSP RAS financial statements as of the most recent reporting date, and also constitutes an «interested party transaction» due to the interest of PJSC NCSP shareholder Novoport Holding Ltd, holding 50.1% of NCSP voting shares, the NCSP's statement said.