Moscow, Russia – 17 May 2023 – Sistema PJSFC (“Sistema” or
the “Corporation”) announces that following its applications
submitted to the Financial Conduct Authority (the “FCA”) and
the London Stock Exchange (the “LSE”), the Corporation’s global
depositary receipts (ISIN US48122U2042 and ISIN US48122U1051) (the
“GDRs”) were cancelled from the FCA’s official list and
admission to trading on the LSE with effect from 8:00 a.m. London
time on 17 May 2023.
Furthermore, in accordance with applicable laws of
the Russian Federation [1]
the Corporation has submitted a notification to the Commercial Bank
Citibank JSC [2]
to conduct an automatic conversion of GDRs, which holders’
rights towards such GDRs are accounted in Russian depositories, into
Sistema’s ordinary shares.
As announced earlier, pursuant to Federal Laws No.
114-FZ and 319-FZ, Sistema was required to, and was taking steps to,
terminate the deposit agreements, complete the delisting from the LSE
and perform
the automatic conversion.
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For further information, please
visit www.sistema.ru or
contact:
Sistema PJSFC is a publicly traded diversified
Russian holding company in the sectors of telecommunications, high
technology, financial services, retail, paper and packaging,
agriculture, real estate, tourism and medical services. The company
was founded in 1993. Revenue in 2022 was RUB 912.7 billion; total
assets equalled RUB 2.1 trillion as of 31 December 2022.
[1] Russian law No. 319, which
came into legal effect on 14 July 2022, provides for the “automatic
conversion” of the depositary receipts (the “DRs”) of the
Russian companies into their underlying Russian shares without the
involvement of the depositary bank for the corresponding depositary
receipts programmes if the rights of the DR holders towards such DRs
are accounted in a Russian depositary. During the automatic
conversion process, the Russian depositaries that account for DRs
should write DRs off the DR-holders' accounts and credit respective
amount of underlying Russian shares instead.
[2] Joint Stock Company
Commercial Bank Citibank is the Russian depositary where a depo
account under Sistema’s depositary programme was opened to account
for the rights to the underlying shares of the Corporation.
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