EAHCISS News (English)

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 ...

In this post we provide a sixth update on recent Russian court decisions.  Case 6: If you did not apply for 'Forced Conversion' in 2022 you can't ask a Russian court to force Raiffeisenbank to do so now  This case involves Ms Staroseltseva that bought depositary receipts of Polyus in August 2023. She was allowed to do so since Polyus was granted an extension of their depositary receipts program beyond April 2022 by the Russian government committee.  However, as the purchased the depositary receipts beyond the deadline for forced conversion in 2022, she could not participate in the forced conversion.  She therefore decided to start legal proceedings against BNY and Raiffeisenbank Russia in the Russian courts. She was trying to get a Russian court order that would force Raiffeisenbank Russia to take the underlying shares out of the depositary account for the Polyus depositary receipts program and to transfer these ordinary shares to her own account.  The Moscow ar...

BNY has put out a notice in which they inform holders of depositary receipts of Solidcore (formerly known as Polymetal; AUCOY) that they have sold the shares underlying the depositary receipts. BNY will process a cash distribution of $ 4.09 per depositary receipt.  The notice can be found via this link: https://www.adrbny.com/content/dam/adr/documents/corporate-actions-dr/files/AD2000242.pdf