EAHCISS News (English)

Gazprom paid a record dividend of 51.03 Rubles per ordinary share over the first 6 months of 2022. These dividends were not paid on ADRs due to the legal restriction of Clause 2 of Part 5 of Article 6 of the Federal Law of April 16, 2022 No. 114-FZ "On Amendments to the Federal Law "On Joint-Stock Companies" and Certain Legislative Acts of the Russian Federation" that was present back in 2022. Gazprom recently confirmed in their annual report over 2025 (for English version: https://drive.google.com/file/d/1LG8DMtSqVtdqNPoryoDAfJfR-hbKr3i1/view?usp=drivesdk ) that over 100 billion Rubles (over a billion Euros) of unpaid dividends were restored as retained earnings because the statutory period to claim these dividends expired. This amount is largely due to the past restriction on the payment on ADRs.  Dividends on converted ADRs In 2025 Gazprom paid approximately 11 billion Rubles in unpaid dividends. Magenta legal has reported that BNY (as the depositary ...

Gazprom declared record dividends of 51.03 Rubles per ordinary share (=102.06 Rubles for the 2 ordinary shares that represent 1 depositary receipt [ADR]) over the first half of 2022. Many investors were not able to convert their Gazprom depositary receipts into ordinary shares because of the refusal by brokers and (sub) custodians to facilitate this. As many of you are aware: Gazprom depositary receipts are not eligible for the payment of dividends due to changes in Russian legislation in April 2022. Once the depositary receipts are converted, investors can claim the unpaid dividends. At least 800 million euros in unpaid dividends is likely to fall back to Gazprom post September 2025. This is due to the statute of limitations in relation to unpaid dividends (3 years). In practice the amount will likely be higher as many investors that converted their ordinary shares post October 2022 have not yet claimed unpaid dividends due to the complexity of the procedure. According to Gazprom, 5.9...

The court in Zug (Switzerland) is responsible for the bankruptcy procedures of Nord Stream II. The court announced today (https://zg.ch/de/gerichte/zivil-und-strafrechtspflege/kantonsgericht#Mitteilung) that a debt restructering agreement was confirmed by the court. This should avoid the bankruptcy of Nord Stream II. The court's ruling has not yet been made public. We have attached the previous court ruling of the 9th of January 2025 for your reference. The full court press release consists of the following text (translated from German): " Press release dated 9 May 2025 By decision of the Cantonal Court of Zug EN 2022 2 of 9 May 2025, the restructuring agreement (dividend settlement) of 30 April 2025 concluded between Nord Stream 2 AG and its creditors, including Annexes 1 and 2, was confirmed by the court. Pursuant to Art. 307 para. 1 SchKG, the decision on the debt restructuring agreement may be appealed under the Code of Civil Procedure. Pursuant to Art. 307 para. 2 SchKG, ...