Lenta IPJSC: Lenta IPJSC Announces Expected Enactment of the Law Requiring Termination of Depositary Receipt ProgramsSource: EQS
Press Release |
Lenta IPJSC Announces Expected Enactment of the Law Requiring Termination of Depositary Receipt Programs
It is likely that the Law will apply to the global depositary receipts (ISIN: US52634T2006, ISIN: US52634T1016) (the "GDRs") representing ordinary shares in the Company (the "Ordinary Shares"). The Company is going to apply for the Permission of the
Unless the Permission is obtained, the Company will be required to terminate its GDR program which will resulted in the cancellation of the GDRs by way of conversion into the underlying Ordinary Shares that will be distributed to the GDR holders as of the Effective Date. The mechanics and timing of conversion of the GDRs into the Ordinary Shares remain unclear. Furthermore, it is not clear at the moment if and/or when the GDR holders will be able to actually receive the Ordinary Shares, transfer them to their securities accounts and receive distributions on them.
Pursuant to the Law, as from the Effective Date: (i) only those investors who hold global depositary receipts (GDRs) as of the Effective Date will be entitled to convert them into ordinary shares of
The Ordinary Shares will continue to be listed on the Moscow Exchange.
We recommend that investors discuss with their legal, financial, tax and strategic advisers the implications of the Law and potential termination of the Company's GDR program.
For further information, please visit https://corp.lenta.com/ or contact:
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