Polyus Gold has announced of a buy back for 255.3 bln roubles

The company plans to hold the buy back until 4 p.m. May 27th.

The Board of Directors of Polyus Gold has approved the buy back of 33.14% of shares for the maximum amount of 255.3 bln roubles.

Polyus-Invest Ltd will purchase the shares from March 11th until 4 p.m. May 27th (a break is planned on April 4-12th).

Polyus Gold doesn’t report on what funds it plans to hold the buy back.

In Jan 2016 Polyus Gold announced it had attracted a $2.5 bln loan in Sberbank. The loan was issued for not longer than 7 years, the guarantees by the deal are the affiliates of Polyus Gold: Aldanzoloto GRK JSC, Polyus Stroi Lt, RiM JSC and Pervenets JSC.

One of the conditions of the deal is the share retention agreement. It is signed between the shareholder of Polyus Gold (Polyus Gold International), the company and Sberbank. This is the ban for the sale of shares to the third parties, it means the presence of the shareholder is necessary in the credit scheme: or it might have pledged a part of its shares or assets, the analyst of TKS Partners, A. Tretelnikov, says.