Update Rusagro share distribution

Earlier we reported on the extended deadline (until December 31st 2026) for the share distribution by Rusagro ( https://news.eahciss.org/2026/02/friendly-shareholders-of-cypriot.html?m=1 ).  In our previous post we also shared our legal analysis that holders of depositary receipts from jurisdictions unfriendly to Russia are not legally able to participate in the share distribution during the extended period.  Rusagro has confirmed to EAHCISS that they share this legal interpretation: "Under paragraph 21 of Article 7 [of Federal Law 470-FZ of the 4th of August 2023], it is correct that residents of unfriendly countries do not have the right to receive shares of PJSC Rusagro Group." However, in all the documents published by Rusagro ( https://www.rusagrogroup.ru/en/investors/news-events/press-releases/single-view/article/1421/ ) Rusagro seems to apply the same criteria as during the first period of the share distribution and provide the impression that holders of depositary rec...

Forced Conversion of Etalon depositary receipts (ADR/GDR) to start on 8th of July 2026

JSC Rakurs Invest, the custodian for the shares underlying the depositary receipts of Etalon, has now confirmed that, in accordance with Article 5 of the Federal Law of 04.08.2023 No. 452-FZ "On Amendments to Certain Legislative Acts of the Russian Federation", holders of depositary receipts (ADRs / GDRs) of ETALON GROUP PLC (ISIN US29760G1031) have the right to carry out forced conversion of depositary receipts into local Russian shares starting from July 08, 2026.

This process does not require any cooperation from your Western broker and takes place under Russian law.

The deadline for submitting documents for participation in the forced conversion is November 5, 2026 (inclusive). 

More information can be found on the website of Rukurs Invest: https://rakursinvest.ru/services/conversion/

Given the complexity of the procedure, and the need to work with local Russian notaries and translators, we strongly advise to consider working with a local Russian representative and to start preparations as soon as possible. EAHCISS has good previous experiences with Irina Sibirina from www.itlektis.ru and Magenta Legal (www.magenta.legal). Both are also members of EAHCISS.

If you would be interested in joining a webinar on this topic, please let us know and we'll attempt to organise one if there is sufficient interest.