17 June 2010
Myronivsky Hliboproduct (LSE: MHPC LI) reported today that it had purchased 1.1 mln GDRs or ~1% of its total GDRs outstanding from the open market at the average price of USD 12.39. The company will use the GDRs purchased for employee compensation and incentive program, whereas part of the bought-back DRs will be kept for resale within the next three years. Ruslan Patlavskyy: This will decrease the stock’s free float to 21.3%, however it will not have any adverse impact on its liquidity, in our view.