September 29, 2016 / 7:06 AM / 10 months ago

BRIEF- NCSP to suspend dividend till VTB clears payment

1 Min Read

Sept 29 (Reuters) - Novorossiysk Commercial Sea Port Group (NCSP)

* Decides to suspend payment of interim dividend for six months of 2016 until circumstances preventing NCSP from timely payment of dividend are removed

* Total amount of the interim dividend paid out and declared in 2016 and the amount payable to shareholders as a result of mandatory shares buyout exceed the current covenant on payments to shareholders as established in the loan agreement between NCSP and VTB Bank

* Says dividend shall be paid after signature of agreement

* Says NCSP and VTB Bank are currently in process of approval of addendum to loan agreement to amend this covenant

* Says NCSP possesses funds to pay dividend in full

* Says expects to pay dividend to all shareholders by October 18, 2016 Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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