Moscow, October 01, 2014 - Pharmstandard OJSC (LSE: PHST IL, RTS: PHST RU) (hereinafter “Pharmstandard” or the “Company” announces the sale of its shares which were previously bought out from shareholders in November 2013 in the process of reorganization.
In accordance with Russian legislation (Article 76 of the Federal Law dd 26.12.1995 N 208-FZ "On Joint Stock Companies" (hereinafter the “Law”)) Pharmstandard, while in the process of reorganization, bought out shares from its shareholders who voted against the reorganization or failed to vote at the EGM held on 27 September 2013.
According to the Law these shares must be sold at a price not less than the market price not later than one year from the date of ownership transfer of the redeemed shares to the Company, otherwise the general meeting of shareholders must decide to decrease the charter capital through the redemption of these shares.
The Company’s Board of Directors decided to sell 400,000 of these shares to its subsidiary JSC Pharmstandard-Leksredstva JSC at the price of RUR1 350 for 1 share. The total value of securities sold amounts to RUR540m. The specified price determined in accordance with the requirements of the Federal Law dd 26.12.2005 № 208-FZ "On Joint Stock Companies", based on the market value of one ordinary share of the Company is RUB1 328,30 at the close of MICEX trading on 29.09.2014.
About Pharmstandard:
Pharmstandard OJSC (www.pharmstd.com) – Russia’s leading pharmaceutical Company that develops and manufactures high-quality modern pharmaceutical products which meet the requirements of the healthcare system and the expectations of patients.
The Company’s production assets consist of 8 pharmaceutical plants located in Kursk, Ufa, Tomsk, Vladimir and in Ukraine’s Kharkov and 1 medical equipment plant in Tyumen.
The most popular Pharmstandard products today are Arbidol®, Complivit®, Pentalgin®, Flucostat®, Phosphoglive®, Amixin®, Afobazol®, Rastan® and Biosulin®. The Company manufactures more than 250 pharmaceutical products; more than 100 Pharmstandard products (taking into account all forms and dosages) are included in the list of Vital and Essential Pharmaceuticals.
Pharmstandard shares and GDRs are traded on the RTS-MICEX and LSE, respectively.
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