OREANDA-NEWS. March 3, 2011. On 1 March 2011 PJSC Novorossiysk Commercial Sea Port (LSE: NCSP, RTS & MICEX: NMTP) has fulfilled its obligation to redeem own shares from its shareholders according to redemption claims submitted, and completed related settlements with the shareholders.

As of 1 March 2011 – the redemption settlement date – an amount of 2 531 763 830.4 RUR was payed to the shareholders, which equals 10% of the PJSC NCSP net asset value as calculated on the basis of unconsolidated financial statements under Russian accounting standards dated 30 September 2010, and represents the maximum share buy-back amount permitted for NCSP under article 5, clause 76 of the Federal Law on Joint-Stock Companies. A total of 516 686 496 shares were redeemed from the shareholders at the price of 4.9 RUR, established by the independent appraiser and approved by PJSC NCSP Board of Directors on 29 October 2010. Thus PJSC NCSP has performed its obligation to the shareholders in full.

Commenting on this event CEO of PJSC NCSP Igor Vilinov said: "About a half on the shareholders eligible for the buy-back did not submit any redemption claims, and by doing so supported the new vector of NCSP business development that begun to take shape after the acquisition of Primorsk Trade Port". Igor Vilinov also highlighted the fact that NCSP once again has maintained its tradition of performing corporate obligations in due time and to full extent as stipulated by the law.

Shares were redeemed on the basis of the PJSC NCSP EGM resolution dated 16 December 2010 to approve the transaction to acquire 100% of participatory interest in Primorsk Trade Port LLC, which constitutes a major transaction, the price (cash value) of which exceeds 50% of the balance sheet asset value of PJSC NCSP, calculated on the basis of PJSC NCSP RAS financial statements as of the most recent reporting date, and also constitutes an "interested party transaction" due to the interest of PJSC NCSP shareholder Novoport Holding Ltd, holding 50.1% of NCSP voting shares.