The Company intends to buy (either directly or through its subsidiary) GDRs on market and hold them in treasury. The purpose of the Programme is to fund the Company's long-term management incentive plan, as notified in the Company's half year report on 30 November 2021.
The overall pecuniary amount allocated to the Programme will not exceed US$10 mn. All purchases of Shares and/or GDRs will be made by the Company or through a subsidiary, which has engaged a company within Sberbank group to act as an independent broker to execute any purchases pursuant to the Programme.
The Programme will be conducted consistent with the general authority to repurchase GDRs granted by the Company's Board of Directors held on 26 November 2021, and otherwise in accordance with applicable laws and regulations. The maximum number of GDRs that can be bought back under the Programme is up to 10% of the Company's issued share capital (no more than 18.3 mn GDRs) and the Company cannot own such GDRs for more than 2 years.