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Showing posts with the label Redomiciliation

Discounts applied upon liquidation of shares (underlying ADRs)

After the liquidation of the Sberbank shares underlying the ADR-program, various investors seem to wonder what the background is of this discount. Decree No. 81 of the President of the Russian Federation dated March 1, 2022, "On Additional Temporary Economic Measures to Ensure the Financial Stability of the Russian Federation" (Decree No. 81; https://www.consultant.ru/document/cons_doc_LAW_410578/ ) established a special procedure for the execution of transactions involving securities between residents of the Russian Federation and "persons of foreign states committing unfriendly acts". According to the general rule stipulated by Decree No. 81, transactions involving securities between residents of the Russian Federation and "unfriendly persons" are only possible with the permission of the Government Commission for the Control of Foreign Investment in the Russian Federation (the Government Commission). The minutes of the Government Commission meeting of th...
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Forced conversion depositary shares of Ozon

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 ...
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Redomiciliation of Ozon to the Russian Federation - update

Today was the last day of trading of Ozon American Depositary Shares (ADS) on the AIX (Astana International Exchange). Ozon IPJSC (formerly Ozon Holdings PLC) announced on the 25th of September that the Company is now registered in the special administrative district in Kaliningrad region, Oktyabrsky Island, Russia as Ozon International Public Joint-Stock Company. Trading in Ozon IPJSC shares is expected to resume by the end of 2025. The Moscow Exchange will notify investors in advance.   Ozon has released a FAQ that guides investors through the impact of redomiciliation. The FAQ can be found here . Holders of depositary shares will be able to apply for forced conversion in order to receive ordinary shares in Ozon IPJSC. The process and deadlines for forced conversion will be communicated in due course.  
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