Uralkali (the Company; MICEX: URKA) informs that the open market buyback programme announced on 18 May 2016 is completed. From 10 through 19 September 2016 18,166,367 Company’s shares were acquired.
Since the start of the Company’s open market buyback programme, an aggregate of 92,172,796 shares and 1,215,191 GDRs representing 3.35% of the Company’s share capital have been purchased.
As of 20 September 2016 the free float of Uralkali’s shares (including shares represented by GDRs) constitutes 5.61% of the Company’s share capital, which is below the free float requirement for the Level 1 quotation list on the Moscow Exchange.
Pursuant to the Moscow Exchange Listing Rules, if for six consecutive months the free float in common shares remains below 7.5% of the Company’s share capital, the Company’s common shares will be excluded from the Level 1 quotation list and will be eligible only for the Level 3 quotation list. This listing level downgrade may have a material adverse effect on the trading price and liquidity of the Company’s common shares.
Uralkali (www.uralkali.com) is one of the world’s largest potash producers and exporters. The Company’s assets consist of 5 mines and 7 ore-treatment mills situated in the towns of Berezniki and Solikamsk (Perm Territory, Russia). Uralkali employs ca.11,000 people (in the main production unit). Uralkali’s shares are traded on the Moscow Exchange.