Sign In
16 Sep 2008 08:05
๏ปฟ
Severstal announcesย shareย buyback programme
Septemberย 16,ย 2008
OAO Severstalย todayย announces theย startย ofย aย share buy-backย programmeย ofย up to US $400ย million,ย the equivalent ofย 2.8% ofย itsย share capitalย based on the closing price of US$14.04ย of the Company'sย Londonย listed GDRs onย Septemberย 15, 2008.ย
Theย Shares andย GDRsย will beย repurchased on Severstal's behalf, and held by one of its subsidiaries.
The timingย and extentย ofย any repurchases, which are expected to take place over the course of the nextย 6ย to 10ย months,ย will depend onย the on-going trading price ofย Severstal'sย shares and GDRs and prevailingย equity market conditions.
Commenting on the proposed share buy-back programme, Sergei Kuznetsov, Severstal'sย Chief Financial Officer, said,ย
"Today's announcement underlines our confidence in the value of our own business.ย Withย ourย financial strengthย andย robust capital structureย we are well positionedย to complete this repurchase whilst still being in a positionย to fund our investmentย programmeย and take advantage of other value-enhancing opportunities as they arise."
For further information:
Severstal
Dmitry Druzhinin, Investor Relations
Olga Antonova, Public Relations
+7ย 495ย 540 7766
Dominic Fry, Tom Murray, Tulchan Communications
+44 207 353 4200
Follow the stocks
