The Board of Directors of Detsky Mir approves the launch of a buyback program worth up to RUB 3 billion
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The Board of Directors of PJSC Detsky Mir approved the launch of a share buyback program on the Moscow Exchange for a total amount of up to RUB 3 billion. The program is designed for six months, but, as they say in message company, may be extended or completed ahead of schedule.
The shares will be bought out by Detsky Mir’s subsidiary, DM-Capital LLC, through a broker or brokers. Shareholders who disagree with the reorganization noted in the company, the securities will be redeemed at a price of 71.5 rubles. a piece. After the decision of the board of directors was published, Detsky Mir’s shares rose by 19.96% to 64.18 rubles.
The decision to buy back the shares, as the company explained, was made “against the backdrop of sharply increased volatility in the company’s shares over the past few trading sessions.”
Detsky Mir announced the reorganization of its business – the transformation of the company from PJSC into a private LLC – on November 7. One of the reasons for the reorganization was the difficulties experienced by foreign investors with voting at general meetings. The share of Detsky Mir shares placed on the Moscow Exchange is 60%. At the same time, as noted in the company, foreign investment funds hold a significant share in the authorized capital of the retailer.
Read more about the reorganization – in the material “Kommersant” “Children’s World has played enough on the stock exchange”.
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