JP Morgan liquidated shares underlying MTS ADRs
In April 2026 JP Morgan accounced that it has liquidated the shares underlying the ADRs of Mobile Telesystems (MTS): https://api.markitdigital.com/jpmadr-public/v1/cms/document?cmsId=8043843bdfc5456fafcbf1f694cc0f6a&sequenceNo=1
JP Morgan sold the underlyings shares for $0.820352 per share, so $1.640704 per ADR. This amount is quite a bit less than the tender offer by MTS back in 2024 for 95 Rubles per ordinary share (https://ir.mts.ru/en/tender_offer). JP Morgan did not participate in the tender offer back then. After fees and the correction for missing underlying shares due to forced conversion the cash distribution per ADR will be $ 1.582695 upon cancellation of the ADRs.
The liquidation sale was executed at a significant discount to the current price at the Moscow Stock Exchange (MOEX) is approximately 220 Rubles per ordinary share (so 440 Rubles per ADR).
JP Morgan has so far sold the underlying shares of three Russian ADR-programs at significant discounts to the share price at the MOEX: Magnit supermarkets, Mobile Telesystems and Novorossiysk Commercial Sea Port (NCSP).
JP Morgan sold the underlyings shares for $0.820352 per share, so $1.640704 per ADR. This amount is quite a bit less than the tender offer by MTS back in 2024 for 95 Rubles per ordinary share (https://ir.mts.ru/en/tender_offer). JP Morgan did not participate in the tender offer back then. After fees and the correction for missing underlying shares due to forced conversion the cash distribution per ADR will be $ 1.582695 upon cancellation of the ADRs.
The liquidation sale was executed at a significant discount to the current price at the Moscow Stock Exchange (MOEX) is approximately 220 Rubles per ordinary share (so 440 Rubles per ADR).
JP Morgan has so far sold the underlying shares of three Russian ADR-programs at significant discounts to the share price at the MOEX: Magnit supermarkets, Mobile Telesystems and Novorossiysk Commercial Sea Port (NCSP).