MAGNIT PJSC (MGNT)
Notification for the holders of the Global Depository Receipts of Magnit Krasnodar, Russia (April 26, 2022): Magnit PJSC (MOEX and LSE: MGNT; Magnit, the Company), notifies on the below information. On 16 April 2022, the Federal Law No. 114-FZ "On changes to Federal Law 'On Joint-Stock Companies' and certain legislative acts of the Russian Federation" ("The Federal Law No. 114-FZ") was published. The Federal Law obliges Russian issuers to stop issuing and/or trading of depositary receipts certifying the rights for underlying ordinary shares of Russian issuers. Provisions of the Federal Law regarding the depositary receipts will come into force on 27 April 2022 (the "Effective Date"). The Federal Law No. 114-FZ stipulates, among other things:
The Federal Law No. 114-FZ obliges Russian issuers to take necessary and reasonable steps to terminate Depositary Agreement within 5 business days from the Effective Date, unless they submit an application to continue depositary receipts program in compliance with the procedure established by the Russian Government. Magnit is considering different actions regarding its depository receipts program stipulated by the legislation of the Russian Federation. However, there is no guarantee that such application of Magnit will be satisfied if submitted. Interests of Magnit's investors, including both holders of ordinary shares and GDRs is one of the key priorities. The Company is in contact with JPMorgan Chase Bank N.A., to ensure interests of GDR holders and legislation of the Russian Federation. The holders of Magnit depositary receipts may directly contact JPMorgan Chase Bank N.A. in accordance with the procedure stipulated by the agreement with the Depositary and to discuss with JPMorgan Chase Bank N.A. the possible options for exercising their rights, including the conversion of depositary receipts into Magnit ordinary shares.
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ISIN: | US55953Q2021 |
Category Code: | MSCU |
TIDM: | MGNT |
LEI Code: | 2534009KKPTVL99W2Y12 |
OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
Sequence No.: | 157785 |
EQS News ID: | 1336133 |
End of Announcement | EQS News Service |
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