PIK Group $255 million GDR buyback

Overview:

• The PIK Group, Russia's leading real estate developer, has completed a $255 million tender offer for its global depository receipts (GDRs) and the subsequent delisting of those receipts from the LSE.
• The company agreed to purchase, on a pro rata basis (adjusted to exclude fractional entitlements), 49,990,198 GDRs, representing the maximum number under the tender offer, at the price of $5.101 per GDR.
• The Bank of New York Mellon acted as tender agent for the matter.
• Delisting is expected to take place on June 15 2017.
• The move is part of PIK's capital markets strategy that seeks to consolidate all of its shares on the Moscow Exchange to improve its liquidity.

Jon Moore - Journalist