JP Morgan liquidated shares underlying NCSP ADRs
In April 2026 JP Morgan accounced that it has liquidated the shares underlying the ADRs of Novorossiysk Commercial Sea Port (NCSP): https://api.markitdigital.com/jpmadr-public/v1/cms/document?cmsId=c440676901554f368872385d7eb55355&sequenceNo=4 JP Morgan sold the underlyings shares for $0.032996 per share, so $2.474700 per ADR. After fees and the correction for missing underlying shares due to forced conversion the cash distribution per ADR will be $ 2.389009 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 8.40 Rubles per ordinary share (so 630 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).