10 Oct 2018 14:18

Nordgold cancels more shares, Mordashov boosts stake to 99.94%

MOSCOW. Oct 10 (Interfax) - Nordgold has cancelled 2,905,207 shares which were acquired as part of the latest stage of buyback and represent 0.86% of the old management company, the gold miner said in a statement.

As a result, the principal beneficiary of Nordgold, Alexei Mordashov, increased his stake from 99.94% to 99.08%.

After the cancellation, Nordgold's charter capital consists of 336,284,226 shares.

In March 2017, Nordgold made the decision to conduct a delisting and offered shareholders the opportunity to sell their shares back to the company on four occasions following the de-listing: after the announcement by the company of its financial results for H1 2017, year-end 2017, H1 2018 and year-end 2018. In September, during the latest buyback stage, Nordgold received 2,905,207 from shareholders for a total of around $10 million.

Nordgold is the former gold mining division of Russian steelmaker Severstal and was spun off in January 2012. Nordgold's principal beneficiary is Alexei Mordashov with a stake of more than 99%. Nordgold has nine operating assets in four countries - Russia, Kazakhstan, Guinea and Burkina Faso, as well as a number of projects at the development and exploration stage.