Press Release | Krasnodar | August 21, 2018
PJSC "Magnit" Board of Directors Approves Share Buy-back Programme up to 16.5 Billion Rubles
Krasnodar, Russia (21 August, 2018): PJSC "Magnit"(MOEX and LSE: MGNT, "Group", "Company") Board of Directors, one of Russia's leading retailers, approved the terms and the period of a share buy-back programme in the amount of up to 16.5 billion Rubles (the "Programme").
Ordinary shares of PJSC "Magnit" will be repurchased on the Moscow Exchange by JSC "Tander" - operational subsidiary of PJSC "Magnit" in order to finance the Long-Term Incentive Program for top management of PJSC "Magnit" Group of Companies.
In the nearest time in accordance with the Board of Directors decision the Company will sign the agreement with a stock broker to execute envisioned share purchase transactions in the open market on behalf of the Joint-Stock company "Tander".
The Programme will be carried out during 6 months after signing of a contract with broker. The precise amount to be bought back will depend on the share price performance and market conditions over the duration of the Programme. The maximum repurchase price amounts to 4,930 Rubles per one ordinary share and has been determined as a closing price on the Moscow Exchange as of August 20, 2018 plus 20%.
Information on the executed transactions will be disclosed on a regular basis in accordance with the applicable law.
For further information, please contact:
Dina Svishcheva Media Inquiries
Investor Relations Media Relations Department
Email: Chistyak@magnit.ru Email: email@example.com
Office: +7-861-277-4554 x 15101
Note to editors:
Public Joint Stock Company "Magnit" is one of Russia's leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of June 30, 2018, Magnit operated 37 distribution centers and 16,960 stores (12,503 convenience, 244 hypermarkets, 213 supermarkets and 4,000 drogerie stores) in 2,808 cities and towns throughout 7 federal regions of the Russian Federation.
In accordance with the reviewed IFRS consolidated financial statements for 1H 2018, Magnit had revenues of RUB 595 billion and an EBITDA of RUB 44 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB.