Last checked at 18 Jul 2012 16:09
ROS AGRO PLC Approves GDR Repurchase Program
ROS AGRО PLC (LSE: AGRO) has announced that the Board of Directors approved a buyback program with regards to the GDRs of the Company in the public market.
The meeting of the Board took place in Cyprus on 17 July 2012. The Board of Directors has granted its respective authorization to conduct the buyback to the management of Rusagro Group of Companies
Under the terms of the program the aggregate amount that may be invested in the GDRs purchase will reach US$30 million. The Program will commence on July 19, 2012 and is intended to continue until December 31, 2012, unless termination conditions will occur earlier by the Company. The management will be reviewing an execution of the program depending on the stock price and market circumstances.
Management of Rusagro Group of Companies believes the current stock price is unrepresentative of its fundamental value, especially given strong 1Q 2012 results and a likely outlook for the key products for the rest of the year. The approved buyback is a long term support program that demonstrates our ongoing commitment to maximizing shareholders' value.