PJSC Magnitogorsk Iron & Steel Works (“MMK”, the “Group”)
(MOEX: MAGN, LSE: MMK) announces that it has initiated the automatic
Global Depositary Receipt (“GDR”) conversion process.
On 15 August 2022, MMK sent a conversion notice
(the “Notice”) to JSC Citibank, the depository bank managing the
depository programme’s custody account, regarding the automatic
conversion of MMK GDRs into MMK shares in line with Article 4 of
Federal Law No. 319-FZ On Amendments to Certain Legislative Acts of
the Russian Federation, dated 14 July 2022 (“Law 319-FZ”), and
the Resolution of the Bank of Russia’s Board of Directors dated 22
July 2022, which specifies the period and procedure for the automatic
conversion of GDRs into shares (the “Automatic Conversion
Procedure”).
Based on the Automatic Conversion Procedure and
the date of the Notice, MMK believes, but does not guarantee, that
the automatic conversion process will take place by 5 September. As a
result of the process, holders who meet the requirements of Law
319-FZ and the Automatic Conversion Procedure will have MMK GDRs
written off from their securities accounts by depositary banks, which
is currently managing these accounts, and the equivalent number of
MMK shares will be deposited.
Please follow the link below to find additional
information regarding Automatic Conversion Procedure in the Bank of
Russia’s announcement dated 15 August 2022:
https://cbr.ru/press/event/?id=14089.
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