EAHCISS News (English)

On the 8th of June 2026 JP Morgan announced that they have liquidated the shares underlying the ADRs of Sberbank: https://api.markitdigital.com/jpmadr-public/v1/cms/document?cmsId=520e5773254e470ba09e55b38bd59b9d&sequenceNo=1 JP Morgan sold the underlyings shares for $1.184027 per share, so $4.736108 per ADR. After fees and the correction for missing underlying shares due to forced conversion the cash distribution per ADR will be $4.476211 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 322 Rubles per ordinary share (so 1,288 Rubles per ADR). JP Morgan has so far sold the underlying shares of four Russian ADR-programs at significant discounts to the share price at the MOEX: Sberbank, Magnit supermarkets, Mobile Telesystems and Novorossiysk Commercial Sea Port (NCSP). EAHCISS is trying to establish if ADR holders whose positions have been liquidated can now apply to c...

Today EAHCISS had a preparatory meeting with an member of the European Parliament (MEP) for the St. Petersburg International Economic Forum (SPIEF) at the European Parliament in Brussels. During the meeting a one-pager was presented and copies were provided to the MEP for meetings with Russian members of the Duma. The one-pager contains challeges identified by EAHCISS and proposed solutions. The one-pager is bilangual with one side in English and the other side in Russian. Our one-pager can be downloaded here: https://drive.google.com/file/d/143UdEwhk9tc84vwg-TcjkFpCVMTWPVHk/view?usp=sharing   There will also be at least one member of EAHCISS attending the Forum. We wish all attendees of the Forum fruitful meetings, conversations and dialogues.

The annual general meeting of Evraz PJSC will take place on the 11th of June 2026 in Nizhny Tagil, Russia. The agenda lists the following items: 1. On the distribution of profits (including payment (declaration) of dividends) and losses of PJSC EVRAZ based on the results of the 2025 financial year. 2. On the election of members of the Board of Directors of PJSC EVRAZ. 3. On the appointment of an audit organization of PJSC EVRAZ. Persons entitled to vote when decisions are made by the General Meeting of Shareholders of EVRAZ PJSC shall have the right to become familiar with the information (materials) provided to shareholders in preparation for the General Meeting of Shareholders, in the premises of the executive body of EVRAZ PJSC daily from 21 May 2026, excluding weekends and holidays, from 9:00 to 18:00, as well as during the meeting at the address: Nizhny Tagil, Metallurgov Street, Bldg. 1. More information can be found on the website of Evraz: https://www.evraz.ru/press-center/news...

Today Evraz shares started trading on the Moscow Exchange (MOEX). The official announcement can be found here: https://www.moex.com/n100160 The share price and trade volume can be followed on the website of the Moscow Exchange: https://www.moex.com/en/stocks/evrz Trading commenced at a price of approximately 80 Rubles per share. Earlier shareholders of the UK registered Evraz PLC had the opportunity to apply for a share distribution in shares in the Russian subsidiary. For every single share of Evraz PLC 2.68 shares of the Russian subsidiary could be distributed. It is this former Russian subsidiary (Evraz PJSC) that is currently trading on the Moscow Exchange.

The UK Financial Ombudsman has ordered Interactive Brokers (IB) to compensate an investor that invested in a Russian CFD (contract for difference). In this case the CFD was for 10.000 Sberbank ordinary shares. Interactive Brokers refused to close the position because they could not trade the underlying Sberbank shares Interactive Brokers had bought to cover the CFD contract. From March 2022 onwards, IB raised the margin required for the position to 100%. By August 2024 the interest alone charged on the position had amounted to around USD $12,000.  The European Securities and Markets Authority (ESMA) introduced a margin close-out rule in 2018 that states that CFD providers have to close positions once the net asset value in the investor's account drops to 50% of the required margin. The Financial Ombudsman ruled that Interactive Brokers was required to stop charging interest and other charges on the CFD position once they had to close the position on the basis of the ESMA 50% margin...

All members should now have received a personal invitation for the EAHCISS general meeting on the 6th of June 2026 by e-mail. We look forward to seeing many of you in person and to discuss experiences and investment ideas during the lunch or the networking drinks. Please don't forget to indicate you interest for the event by completing the registration form. A link to the registration form can be found in the e-mail. Please feel free to reach out via contact@eahciss.org if you have any questions.