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...

EAHCISS will attend the O'key group EGM

EAHCISS will physically attend the extraordinary general meeting of the O'key group in Luxembourg on Friday the 18th of July (https://okeygroup.lu/investors/shareholders/general-meetings/). O'key kindly provided a copy of the sale agreement for the O'key hypermarkets after we provided evidence of being a shareholder. 

O'key group is planning to undergo redomiciliation to Russia. We are also working on converting depositary receipts of O'key into the underlying Luxembourgish shares, as a preparation for redomiciliation. Luxembourgish ordinary shares in the O'key group will automatically be converted into Russian shares. O'key group depositary receipts can currently be traded on the Astana international exchange (AIX), Moex and over-the-counter (OTC). O'key group depositary receipts that are administrated in the Russian Federation will automatically be converted into ordinary shares after redomiciliation. Depositary shares that are administrated outside the Russian federation can be converted via voluntary conversion before redomiciliation or (temporarily) via forced conversion after redomiciliation.

After the sale of the hypermarkets O'key group will continue as a chain of discount supermarkets under the name of Da!

Should shareholders have any input for us for the EGM, do not hesitate to contact us on contact@eahciss.org.