Ukrproduct buys back 4% stake

Ukrproduct Group (UKR LN) announced yesterday that it completed the acquisition of 1,750,250 ordinary shares (corresponding to a 4.09% stake in the company) of 10 pence each in the company at 12 pence per share. These shares are to be held as treasury shares. Brad Wells: Ukrproduct shareholders approved the buyback 23.35% of shares by the end of September this year at an EGM back in January. The company said it would purchase shares at a minimum price of GBP 0.05 and maximum of no higher than 3% of the mean closing price on the five preceding trading days. The stock is down 4% YTD, indicating the market does not view the share buyback as a trigger.