On March 11, Qiwi held an extraordinary meeting on share buyback; The group’s shareholders did not approve this proposal. This is indicated in the company’s materials.
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The company planned to purchase Class B common shares, including ADSs, from the Nasdaq and the Moscow Stock Exchange; Their maximum number, according to Cypriot law, should not exceed 10% of all issued shares (or 6 million 271 thousand 297 ADS).
It was planned that the maximum buyback price of a share on the Moscow Stock Exchange would not exceed 581 rubles.
The proportion of Qiwi shares in free float is 71.3% of its total number. The largest shareholder of the company is Sergei Solonin, he has 28.4% of the shares and 71.3% of the votes.
The company was going to carry out a buyback procedure with Nasdaq and the Moscow Stock Exchange after the completion of the transaction for the sale of Russian assets, “acting in the interests of all interested parties of Qiwi plc.” This would provide liquidity to those shareholders who want to monetize their shares.
- On January 19, Qiwi announced the sale of its Russian business to Hong Kong company Fusion Factor for 24 billion rubles. The buying company is owned by Andrey Protopopov, CEO of the Qiwi group. The deal closed on January 30.
- On February 21, the Bank of Russia revoked Qiwi Bank’s license. Following this, Qiwi Plc expressed doubt that the deal to sell a business in Russia could be paid on time. At the time, the group said that if Fusion Factor Fintech did not meet its obligations, Qiwi Plc would be forced to reduce or postpone the buyback.
Author:
Anastasia Marina
Source: RB
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