Myronivsky Hliboproduct (MHP) has decided to buy back 5% of shares from director of Starynska poultry farm in exchange for giving him 0.5% of its share capital.

According to a report on the website of the London Stock Exchange (LSE), before the deal MHP and its subsidiaries owned 95% of the share capital in Starynska poultry farm, the factory director held 5% of the shares.

The minority shareholder in Starynska poultry farm exchanged his stake in its charter capital for 531,395 shares of the MHP holding company, becoming the owner of 0.5% of global depositary receipts (GDR, one GDR is equal to one share).

MHP said the exchange ratio was calculated based on the consolidated EBITDA of the agricultural holding and the poultry farm, without any discounts or premiums. MHP intends to pay with shares that were previously purchased within the buyback program and placed on the treasury account of the agricultural holding.

Starynska poultry farm is one of the two nuclei of MHP and the largest company of this kind in Europe.