NOVOSIBIRSK, Russia--(BUSINESS WIRE)--he Board of Directors of PJSC “OR”, the management company of Obuv Rossii Group (MOEX: OBUV, hereinafter the “Company” or “PJSC OR”), the first public retailer of the Russian fashion market, approved share buyback programme (the “Programme”) allowing to acquire ordinary shares of PJSC “OR” on Moscow Exchange as well as in the course of OTC and (or) privately negotiated transactions in the aggregate amount of up to 900 mln Rubles.
The Programme will be carried out on Moscow Exchange by the Company’s fully-owned operational subsidiary “Obuv Rossii” LLC with BCS Global Markets appointed as broker for execution of the Programme.
The share buyback programme will last from 26 October, 2018 till 31 December, 2019, if it is not extended by the Company. The number of shares to be repurchased will depend on the share price performance and market conditions throughout the duration of the Program.
The amounts to be bought on the open market of Moscow Exchange will be determined based on share price and liquidity at the time of the purchase. The price of shares repurchased under the Programme will not exceed IPO price of RUB 140 per ordinary share.
Company's ordinary shares bought back over the course of the Programme may be used for current corporate purposes, including for a long-term management incentive plan.
For the avoidance of doubt, no purchases of Company’s ordinary shares will be made in the United States. Purchased shares retain all rights, including the right to receive dividends.
The Programme does not constitute an offer to buy, nor does it constitute a recommendation to sell Company’s ordinary shares, nor does it imply an offer (“oferta”), voluntary or mandatory, to buy shares in accordance with legislation of the Russian Federation.
About OBUV ROSSII (http://obuvrus.ru/en/)
Obuv Rossii Group is a federal retail shoe chain, the first publicly traded company in the Russian fashion retail. Obuv Rossii was established in 2003, it is headquartered in Novosibirsk with a representative office in Moscow.