OREANDA-NEWS. On 06 May 2008 was announced, that OJSC Mineral and Chemical Company EuroChem directed an offer for repurchase of shares from minority shareholders of “Nevinnomyssky Azot” and “NAC “Azot” (city of Novomoskovsk) in accordance with section XI.I of the Federal Law “On Joint Stock Companies” providing for the possibility to require repurchase of securities by a person which have acquired more than 95 per cents of the total amount of ordinary shares and preferred shares in an open joint stock company granting the voting rights pursuant to clause 5 of article 32 of the Federal Law “Joint Stock Companies” taking into account shares belonging to such person and its affiliates.

Interests of minority shareholders are observed – the price of repurchased securities was determined by an independent appraiser according to Russian legislation (article 7 of the Federal Law of the Russian Federation dated of 05.01.2006 No.7-FL), confirmed by the self-regulated association of appraisers and turned out to be much higher than indicative quotations of RTS. Thus, for one ordinary share in “Nevinnomyssky Azot” the price is 84.92 (eighty four rubles ninety two copecks), the price of one ordinary share in “Novomoskovsky Azot” amounted to 20,117 (twenty thousand one hundred seventeen rubles 82 copecks).  

Thus, in its activity EuroChem strictly follows international corporate management standards as well as effective Russian legislation and implementation of the procedure for forced repurchase of shares in “Nevinnomyssky Azot” and “NAC “Azot” is carried out in accordance with procedures established by law subject to availability of efficient state control and at a fair price.