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On 7 June 2012, the Company’s Board of Directors approved a buyback program in respect of ordinary shares of NOVATEK and/or Global Depositary Receipts representing shares (each GDR representing 10 shares) in the aggregate amount of up to 600 million US dollars. On 19 May 2016, the Company's Management Board approved the extension of the share buyback program until 7 June, 2017, keeping the size of the program and other terms unchanged.
The decision to implement a share buyback program reflects the confidence of NOVATEK’s Board of Directors in the fundamental value of its shares and GDRs. In implementing the share buyback program, NOVATEK undertakes a balanced approach to the allocation of funds ensuring the development of the Company’s core exploration and development activities as well as maximizing the distribution of capital to shareholders, while maintaining a stable and prudent capital structure.
Shares and GDRs acquired pursuant to the Program may be used for purposes of financing the Company's operations or utilized in the Company's compensation and incentive program for management and key employees.
Buyback Program Information