Rosneft’s board of directors approves the launch of share buyback program
Moscow. In line with strategic initiatives announced by Rosneft on April 25, 2018, the Board of Directors of Rosneft Oil Company approved the terms and launch of the open market share buyback program, which would also cover the holders of depositary receipts, in the amount of up to US$2bn (the "Program").
The Program will be launched from the date of the Board’s approval and will run to December 31, 2020. The maximum amount of shares and depositary receipts to be repurchased under the Program will not exceed 340,000,000 shares, while the precise amount to be bought back will depend on the share price performance and market conditions for the duration of the Program.
In accordance with the Board of Directors decision the Company will appoint an independent agent to execute envisioned transactions in the open market on behalf of the Company. Such an agent selected from the list of leading global financial institutions will be engaged by the Company and will ensure high standards of transparency of the Program and its strict compliance with terms approved by the Board of Directors and applicable laws and regulations.
Shares of Rosneft and depositary receipts repurchased will be held in treasury of the Rosneft Group. Upon the completion of the Program, the Board of the Company will make relevant decisions with regards to the repurchased securities, including their potential full or partial cancellation.