OREANDA-NEWS. On November 05, 2008 OJSC MMC Norilsk Nickel (“MMC Norilsk Nickel” or “the Company”), in compliance with the Board of Directors’ decision of August 22, 2008 accepted shareholders’ applications in the period from September 29, 2008 to October 28, 2008, reported the press-centre of Norilsk Nickel.

Pursuant to the buy back procedure announced by the Company, the process of share re-registration (i.e. execution of Stock Purchase Agreements and submission of Transfer Orders to the Registrar) started on October 29, 2008. A number of transactions with shareholders who had tendered their shares for the buy back were already finalized on October 29, 2008. Total payments to the shareholders under these transactions amount approximately to RUB 26 bln.

On October 29, 2008 MMC Norilsk Nickel, after the transactions had been  finalized, was served with writs of execution issued by the Krasnoyarsk Territorial Arbitration Court forbidding the Company to proceed with execution of the Board’s decision on share buy back made on August 22, 2008. Duplicate copies of these documents were also received by the Company’s Registrar (CJSC National Registry Company).

In view of the circumstances, General Director of MMC Norilsk Nickel Vladimir Strzhalkovsky decided to suspend all further activities related to entering into stock purchase agreements and execution of payments to shareholders under the share buy back.