The agenda for the December 5 EGM of Ukrainian real estate developer KDD Group (KDDG LN) includes consideration of a share buyback program, according to the agenda posted on the company’s website. If approved, the company would buyback shares at a price between par value and GBP 2 per share, for the period from the date of the EGM to June 4, 2010. Alexander Romanov: We estimate the probability that the issue is approved as high. KDD Group currently has USD ~60 mln in cash on balance and only USD ~17 mln in outstanding debt; the stock is trading at low P/Net Cash of 0.2x.