OREANDA-NEWS. Public Joint Stock Company Uralkali announced that its Board of Directors approved today an increase of the size of the previously approved programme to purchase the company’s common shares and Global Depositary Receipts to 704,643,813 common shares, representing 24% of its share capital, for a total purchase price of up to US$2.26 billion

Public Joint Stock Company Uralkali (LSE: URKA; the “Company”), one of the world’s largest potash producers, announces that the Board of Directors of the Company, taking into account the level of participation of Uralkali’s shareholders and GDR holders in the repurchase programme, which was approved by the Board of Directors on 24 August 2015 and is being carried out by way of a tender offer by Enterpro Services Limited, an indirect subsidiary of the Company, to purchase common shares and GDRs of the Company (the “Repurchase Programme”), at its meeting today resolved to increase the maximum number of securities to be purchased in the Repurchase Programme to 704,643,813 common shares (in any combination of common shares and GDRs), representing approximately 24% of issued common shares, for a total purchase price to US$2.26 billion.

As of September 24, 2015, holders of Uralkali’s Common Shares and GDRs had tendered 446,181,733 Common Shares and 31,363,901 GDRs, representing in the aggregate approximately 20.54% of issued Common Shares, including 367,001,986 Common Shares, representing 12.5% of the issued Common Shares, tendered by Chengdong Investment Corporation.

In taking its decision the Board of Directors considered, among other things, the recommendation of the Company’s Audit Committee, including the independent non-executive directors, which, having considered the level of shareholders’ participation in the Repurchase Program and the desire to satisfy the demands of all the shareholders who tendered their securities, the advice of its financial advisors and other matters it deemed relevant, at the meeting on 25 September 2015 unanimously recommended to the Board of Directors of the Company that the size of the Repurchase Programme be increased as described above.

The Repurchase Programme will be funded from existing cash balance, external financing obtained and loans from group companies, including the Company.