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...

Forced conversion depositary shares of Ozon

Yesterday was the first day of trading of Ozon on the Moscow stock exchange after the process of redomiciliation from Cyprus to the Russian Federation was completed. 

The 11th of November 2025 was also the day that Reestr-Proton, the registrar for Ozon, published the procedure for the forced conversion of depositary shares into local ordinary shares. This information can be found here: https://reestr-proton.ru/for_shareholders 

EAHCISS is contemplating hosting a webinar to explain the process of forced conversion of Ozon depositary shares. 

It is well possible that shareholders that do not apply for forced conversion may not have the chance to obtain ordinary shares of Ozon afterwards and that BNY will liquidate the Ozon shares that underly the depositary shares if they see a possibility to do so. Unfortunately voluntary conversion of depositary shares of Ozon has, in practice, not been possible due to a global lock that was placed on the depositary shares by the DTC in October 2024, which made it impossible to surrender depositary shares to BNY for conversion.