Novatek Equity sells Novatek GDRs for $3.7 mln under options program
MOSCOW. Dec 31 (Interfax) - The operator of the options and share (GDR) buyback programs of leading Russian independent gas producer Novatek , Novatek Equity (Cyprus) Limited has sold part of its stake allocated for the stock options program on the open market, the company said in a press release.
Prior to the sale, Novatek Equity controlled a total of 8.497 million Novatek shares, or 0.28% of its equity.
In the period from December 23 to 30, the company sold 27,184 GDRs (equivalent to 271,840 shares), or 0.009% of Novatek's equity.
Based on the weighted average price of Novatek GDR in this period, the proceeds from the sale of these shares could have totaled about $3.7 million.
The company also said that no purchases of Novatek shares or GDRs have been made pursuant to Novatek's buyback program announced on June 7, 2012.
Following the sale, the stake controlled by Novatek Equity shrank to 8.225 million shares or 0.27%.
