NLMK Group hereby notifies about the 16 April 2022 publication of
Federal Law No. 114-FZ “On changes to Federal Law ‘On Joint-Stock
Companies’ and certain legislative acts of the Russian Federation”
(hereinafter referred to as the “Law”).
The Law obliges Russian issuers whose stocks are
traded as depositary receipts at non-Russian stock exchanges to take
action to terminate their depositary contracts within 5 days of the
date when the corresponding provisions of the Law enter into force.
The holders of Russian issuers’ depositary
receipts that are registered as of the date when the corresponding
provisions of the Law enter into force will have the right to convert
their receipts into ordinary shares. Regular shares recorded in the
securities accounts of depositary programmes will not provide voting
rights, and dividends on such shares will not be paid.
The aforementioned provisions of the Law regarding
depositary receipts enter into force 10 calendar days after the
publication of the Law.
Russian issuers of securities whose stocks are
traded as depositary receipts at non-Russian stock exchanges have the
right to submit a request justifying the necessity of continuing the
circulation of securities outside Russia (the “Request”). The
Request will be considered by the Government Commission on Monitoring
Foreign Investment in the Russian Federation. Russian issuers are
given 5 business days from the date the provisions of the Law
regarding depositary receipts enter into force to file a Request with
the Government Commission.
NLMK Group plans to submit the Request to continue
trading its depositary receipts on London Stock Exchange.
About NLMK Group
NLMK Group is the largest steelmaker in Russia and
one of the most efficient in the world.
NLMK Group’s steel products are used in various
industries, from construction and machine building to the
manufacturing of power-generation equipment and offshore wind
NLMK operates production facilities in Russia,
Europe, and the United States. The Company’s steel production
capacity exceeds 18 million tonnes per year.
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