Press releases | Archive 2011
RBC's announcement regarding share price fluctuations
Moscow, November 15, 2011 In light of the recent sharp fluctuations in the price of RBC OJSC (MICEX, RTS: RBCM), the company hereby announces that the price trend seen since late October 2011, is unrelated to RBC's operating activities and doesn't reflect the company's performance.
The company remains committed to its approved strategy and the 2011 budget in all three areas of business: the Internet, television and printed media, all of which are generating revenue growth. Specifically, RBC's online audience expanded 52% year-over-year and reached 64.8mln unique users as of the end of September, while the company's Internet advertising revenue surged over 50% in the first nine months of 2011, according to preliminary financial data. RBC will release a detailed press release on its Q3 and 9M 2011 results within the next two weeks, once the final data from all its subsidiaries have been collected. On the day of the release of the results the company will hold a conference call with analysts and investors. The company will make an additional announcement about the date of the publication of its results and of the conference call.
According to RBC's management, the current volatility of the company's stock price which is happening at extremely high trading volumes could be a result of market abuse. For this reason, the company has sent today a request to the Federal Financial Market Service (FSFR) to probe the transactions involving RBC OJSC's stock from the end of October 2011 until the present time. Meanwhile, RBC doesn't have any information on the sale of its equity by major shareholders.
Additionally, today, RBC's management has turned to the company's Board of Directors with the proposal to urgently hold a meeting of the Board of Directors on the matter.