Shareholders of TCS Group, the parent structure “Tinkoff Bank”, granted the board of directors the authority to repurchase common shares or interests in common shares, including the company’s global depositary receipts. This is stated in the company’s statement following the results of the extraordinary meeting of shareholders.
“The Board of Directors has been given the power to repurchase ordinary shares or interests in ordinary shares, including global depositary receipts, to the maximum extent (10% of the subscribed capital) permitted by the laws of Cyprus,” the statement said.
In addition, shareholders reduced the minimum number of directors for decision-making from four to two. Earlier in November, the board of directors of TCS Group was headed by the former head of Mastercard in Russia, Alexey Malinovsky. At an extraordinary meeting of shareholders, the company added, Daniel Wolf, Malinovsky and Tatyana Kuznetsova were re-elected to the board.
Giving the board of directors the authority to repurchase shares does not mean that the share repurchase program will be launched, BCS World of Investments analysts previously noted. But this will simplify the launch of the procedure if the company decides to do so. At the same time, the likelihood that a buyback can be launched is growing.