Press Releases and Events
NOVATEK’s Board of Directors Approves Report on Buyback Requests
Moscow, 15 June 2021. The Board of Directors of PAO NOVATEK (“NOVATEK” and/or the “Company”) approved the Report on shareholders requests for buyback by the Company of their holdings of NOVATEK shares (the “Report”). According to the Report, the shareholders requested buyback of 49 ordinary shares which represents 0.000002% of total outstanding shares of NOVATEK.
On 23 April 2021 the Company’s Annual General Meeting of Shareholders (“AGM”) approved a number of transactions and agreements related to external financing of the Arctic LNG 2 project. As stipulated by Articles 75 and 76 of the Federal Law on Joint Stock Companies, NOVATEK shareholders who voted against consent to enter into the transactions and agreements or did not take part in the voting on this agenda item, have the right to request full or partial buyback by the Company of their holdings of NOVATEK shares. The Board of Directors defined the buyback price at RR 1,256 per share based on the market value determined in the report of an independent appraiser, and not lower than the weighted average share price on the Moscow Exchange for a six-month period preceding the date of the decision to convene the AGM. Buyback requests could be filed within 45 days from the transaction approval by the AGM.
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. Upstream activities of the Company’s subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation.