The FINANCIAL -- Moscow Exchange has completed the buyback of 99,852,660 shares (representing 4.2% of its outstanding shares) from its subsidiary MICEX-Finance. Moscow Exchange intends to retire the shares and make the necessary amendments to its Charter in March, according to Moscow Exchange.
The move will pro-rata increase existing shareholders' stakes in the company's capital, thus boosting earnings and dividends per share. Retiring the shares further strengthens corporate governance given that in the future the Exchange will not be able to vote the shares.
Shareholders voted at the 14 November 2013 EGM to decrease the Company's share capital by purchasing and retiring 99,852,660 floating book entry registered ordinary shares. The purchase price was RUB 55 per share, which was the price at IPO on 15 February.