PJSC Magnitogorsk Iron & Steel Works (“MMK”, the “Group”)
(MOEX: MAGN, LSE: MMK) notifies on the extension of the forced Global
Depositary Receipt (“GDR”) conversion process period.
In line with Article 3 of the Federal Law No.
381-FZ On Amendments to Certain Legislative Acts of the Russian
381-FZ”), which took effect on 7 October 2022, the terms of
the forced GDR conversion were extended by 30 days to let securities
holders collect the necessary documents and apply for the conversion.
It is expected that the GDR holders will be able
to submit an application to convert their GDRs into MMK shares
(“Application”) to JSC Citibank (“Citibank”),
the depositary bank managing the depositary programme’s custody
(“Forced Conversion”), through 10
November 2022. No later than 24 November 2022, Citibank is
required either to open accounts for applying investors and credit
MMK shares to such accounts or to issue a refusal to conduct the
guidelines and Application
form of the Forced Conversion can be found on Citibank’s
website (in Russian).
Given the information outlined above, MMK
encourages GDR holders to contact Citibank directly.
Concurrently, Article 4 of the Law 381-FZ extended
the terms of transferring share recordkeeping to Russian jurisdiction
by 30 days. If rights to MMK shares are recorded in a foreign nominee
account and restrictions render transactions in these shares at
foreign organisations authorised to record and transfer rights to
securities impossible, the holder of shares or the person for whose
benefit the holder of shares acts may submit an application through
10 November 2022, requesting a forced transfer of recordkeeping for
such securities to a Russian depository managing a foreign nominee
account for MMK shares.
Should you have any additional questions please
contact with MMK’s Investor Relations Department via email:
+7 (915) 380-62-66
+7 (909) 093-08-98
+7 (499) 238-26-13