The depository receipts in custody of Russian depositories can undergo the automatic conversion. As per the procedure provided for by the Law and guided by the interests of the receipt holders, NLMK Group intends to, between 15 and 19 August 2022, file an application with AO Raiffeisenbank to express its consent to undergo automatic conversion. The procedure and timeline of automatic conversion are set by the decision of the Bank of Russia Board of Directors, dated 22 July 2022, ‘On adopting the procedure for automatic conversion into Russian-issuer shares of foreign-issuer securities that certify the rights to Russian-issuer shares’.

Mandatory conversion applies to the receipts that are in custody of foreign depositories and to those holders that are, due to the imposed restrictions, unable to carry out the conversion in any other way. Any such holder wishing to make use of the mandatory procedure is entitled to file a request with AO Raiffeisenbank until 12 October 2022, attaching the documents to certify ownership of the receipts and information about the foreign nominee holder, as well as any other relevant information. If AO Raiffeisenbank has no justified reservations regarding the completeness and/or integrity of the information provided in the request, and if the total amount of DRs requested for conversion does not exceed the amount of DRs in circulation, the conversion of depository receipts into ordinary shares is to take place after 12 October 2022.

For more information, see the ‘Guide to converting depositary receipts into ordinary shares for NLMK shareholders’ under the Investors section of the NLMK Group site or directly via this link.