NOVATEK stock soars 4.5% on news of buyback
MOSCOW. June 7. (Interfax) - Gas major NOVATEK saw its stock soar by 4.5% on the news that its board of directors has approved a buyback program for $600 million worth of shares and GDR (one GDR is worth ten shares).
By 4:30 p.m. Moscow time, NOVATEK's shares on the MICEX-RTS stock exchange had risen to 315.5 rubles each (+4.5%), their highest value since May 23.
"All shares and GDR acquired through the program could be used for the goal of financing the company's activities or could be involved in the already announced program to promote and incentivize the company's management and key employees," the company said in a press release.
The buyback program will be valid for one year, beginning on June 7, 2012. Acquired securities will retain all rights, including the right to receive dividends.
