Polyus Board Approves Buyback Program

By Adria Calatayud

Polyus PJSC said Tuesday that its board has approved a buyback program to purchase up to 1.4 million shares for at least $300 million.

The Russian gold miner said its controlling shareholder, Polyus Gold International Ltd., intends to sell up to 1.1 million shares in the company, which corresponds to its pro rata stake. Minority shareholders may participate in a tender offer for up to 317,792 ordinary shares, it said.

Under the tender offer, shares in the company--including ordinary shares represented by depositary shares--will be purchased at a price of between $210 and $240 for each ordinary share and at between $105 and $120 for each depositary share. At the bottom end of those ranges, the overall amount of the program will be around $300 million, Polyus said.

Polyus said its controlling shareholder will purchase the shares at the price that will be determined in the tender offer, but that it won't participate in the price-setting process.

Shares purchased are expected to be used for a continuing consolidation of its Lenzoloto subsidiary, the company's long-term incentive plan, as consideration for potential acquisitions, and for other corporate purposes.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

November 24, 2020 03:52 ET (08:52 GMT)

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