Armada Approves Share Buyback Policy
OREANDA-NEWS. The Board of Directors of Armada OAO (MICEX-RTS: ARMD) has approved the policy for partial shares buyback of Armada OAO (hereinafter - the Company) performed in the open market by its subsidiaries.
"Armada shares are traded at the level of 3 P/E to the forecasted profit of 2014. It is much more profitable to buy the Company's own shares at such a low price than to acquire some companies in the market assessing themselves as 5-7 P/E", said Alexey Kuzovkin, Chairman of Armada Board of Directors.
The approved policy sets the uniform algorithm under which the Company's subsidiaries may acquire the Company's shares. Within 2014 the subsidiaries may purchase Armada OAO shares in the open market, at market price, but not higher than 5 P/E of the forecasted profit of Armada in 2014.
“Next year we're planning to use a part of the shares bought back from the market for a three-year option program for the middle management of Armada group of companies. The other part of the bought back shares may be transferred to the treasury shares”, added Alexey Kuzovkin.
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