Discounts applied upon liquidation of shares (underlying ADRs)

After the liquidation of the Sberbank shares underlying the ADR-program, various investors seem to wonder what the background is of this discount. Decree No. 81 of the President of the Russian Federation dated March 1, 2022, "On Additional Temporary Economic Measures to Ensure the Financial Stability of the Russian Federation" (Decree No. 81; https://www.consultant.ru/document/cons_doc_LAW_410578/ ) established a special procedure for the execution of transactions involving securities between residents of the Russian Federation and "persons of foreign states committing unfriendly acts". According to the general rule stipulated by Decree No. 81, transactions involving securities between residents of the Russian Federation and "unfriendly persons" are only possible with the permission of the Government Commission for the Control of Foreign Investment in the Russian Federation (the Government Commission). The minutes of the Government Commission meeting of th...

Court Press Release in relation to Nord Stream II

The court in Zug (Switzerland) is responsible for the bankruptcy procedures of Nord Stream II. The court announced today (https://zg.ch/de/gerichte/zivil-und-strafrechtspflege/kantonsgericht#Mitteilung) that a debt restructering agreement was confirmed by the court. This should avoid the bankruptcy of Nord Stream II. The court's ruling has not yet been made public. We have attached the previous court ruling of the 9th of January 2025 for your reference. The full court press release consists of the following text (translated from German):

"Press release dated 9 May 2025
By decision of the Cantonal Court of Zug EN 2022 2 of 9 May 2025, the restructuring agreement (dividend settlement) of 30 April 2025 concluded between Nord Stream 2 AG and its creditors, including Annexes 1 and 2, was confirmed by the court. Pursuant to Art. 307 para. 1 SchKG, the decision on the debt restructuring agreement may be appealed under the Code of Civil Procedure. Pursuant to Art. 307 para. 2 SchKG, the appeal has suspensive effect, unless the appellate court decides otherwise. Since the decision of 9 May 2025 is not yet enforceable, the Cantonal Court of Zug does not provide any further information on the debt restructuring moratorium proceedings of Nord Stream 2 AG (cf. Art. 308 para. 1 lit. b SchKG)."