Uralkali free float down to 6.5 percent

Berezniki—Uralkali said the company’s “free float” (including shares represented as global depositary receipts [GDRs]) had been reduced to 6.5 percent of its share capital as of Sept. 7, following its latest open market buyback program. Under the Moscow Stock Exchange (MSE) rules, if the free float in common shares falls below 7.5 percent of the company’s share capital for six consecutive months, the company’s common shares will be excluded from the Level 1 quotation list – the top tier – on the MSE, and will be eligible only for the Level 3 quotation list. Uralkali de-listed from the London Stock Exchange on Dec. 22, 2015 (GM Nov. 30, 2015). The potash producer had said that a listing of its GDRs on the LSE was no longer a strategic priority for the company (GM Aug. 31, 2015). The delistings, coupled with the recent series of major stock buybacks, has prompted speculation that the company might opt to go private.