Amount of unpaid dividends for Gazprom

Gazprom declared record dividends of 51.03 Rubles per ordinary share (=102.06 Rubles for the 2 ordinary shares that represent 1 depositary receipt [ADR]) over the first half of 2022.

Many investors were not able to convert their Gazprom depositary receipts into ordinary shares because of the refusal by brokers and (sub) custodians to facilitate this. As many of you are aware: Gazprom depositary receipts are not eligible for the payment of dividends due to changes in Russian legislation in April 2022. Once the depositary receipts are converted, investors can claim the unpaid dividends.

At least 800 million euros in unpaid dividends is likely to fall back to Gazprom post September 2025. This is due to the statute of limitations in relation to unpaid dividends (3 years).

In practice the amount will likely be higher as many investors that converted their ordinary shares post October 2022 have not yet claimed unpaid dividends due to the complexity of the procedure.

According to Gazprom, 5.90 percent of the share capital is currently still represented by depositary receipts: https://www.gazprom.com/investors/stock/. This amounts to approximately 1.4 billion ordinary shares.

EAHCISS is exploring options for (funding) class actions against financial institutions that misinformed investors about their option to convert and applicable sanctions or simply refused to facilitate the conversion of depositary receipts into ordinary shares. We will keep you updated in due course.