MHP approves conditions for 2.5% share buyback

Mironivsky Hliboproduct (MHPC LI) shareholders, at an EGM yesterday approved of the conditions for a 2.5% share buyback. The buyback program is to run within a year of the EGM and will take place at a market price of not less than USD 1 and not more than USD 15 per GDR. MHP acknowledged that some of the shares purchased via the program will be used for a director and management incentive program and that non-used shares will be held in treasury until their resale within the next three years.  Andriy Gostik: As we wrote earlier, we think the effect of the proposed buyback on the stock price will be quite limited due to the buyback’s low volume and will probably be indiscernible from the general uptrend.