The Board of Directors of JSC Novorossiysk Shipping Company (Novoship) on October 17, 2011 decided to buy back up to 10% of the outstanding shares of Novoship, the Group said.
The total number of shares to be acquired - not more than 31,816,394 pcs., including ordinary shares - no more than 5,484,895 pcs., preferred shares type A - not more than 26,331,499 pcs.
The purchase price is RUB 89.7 per an ordinary share, preferred shares type A – RUB 24.7 per share. The applications for the purchase of shares, contracts of sale should be submitted from November 28 to December 28, 2011.The shares will be paid up in cash from 10 to 20 January 2012.
JSC Novorossiysk Shipping Company is the largest shipping company in the Russian Black Sea. Novoship operates a fleet of 49 modern vessels of total 4.42 millon DWT. The average age of the tanker fleet is 6.6 years. The company’s fleet market value is around $1.9 billion. Novoship’s book of orders includes 4 vessels of total 300,000 DWT.