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MHP increases buyback program to 5% stake

MHP increases buyback program to 5% stake

19 May 2010

MHP’s (LSE: MHPC LI) board of directors, at a meeting on May 18, approved of buying back up to 5,538,500 ordinary shares in the form of GDRs (corresponding to 5% of issued share capital) on the LSE, the company announced this morning. The buyback program shall be implemented within a year of approval by the board. Purchases are to be made at the market price, if it is no less than USD 1 and not more than USD 18 per GDR. An EGM is to consider approval of the program on May 27. MHP shareholders approved of a 2.5% buyback program at an EGM in October 2009 at a market price of not less than USD 1 and not more than USD 15 per GDR. Ruslan Patlavskyy: We see the doubled share buyback plan as an additional positive signal to investors from MHP’s management, given the fact that they are ready to purchase GDRs at a premium to the market price. The upper price limit of USD 18/GDR implies a potential upside of ~40% to the current GDR price, while the buyback plan will decrease the company’s free-float to 17.3%, having minor impact on liquidity of MHP’s GDRs

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