EAHCISS News (English)

On the 29th of December at 14:00 Central European Time (CET; 16:00 MSK) EAHCISS will host a webinar on the topic of applying for forced conversion of Ozon depositary shares (also referred to as depositary receipts). The webinar is free of charge and can be joined via Yandex Telemost: https://telemost.yandex.ru/j/34283511035516 "I don't want no liquidation!" How to apply for forced conversion of Ozon depositary shares into ordinary shares as a shareholder in Ozon. In this webinar we aim to inform investors in Ozon about the process of applying forced conversion of Ozon depositary shares into ordinary shares as a shareholder in Ozon. Topics that will be covert are the opening of an account to receive ordinary shares in Ozon, the legal framework and how to practically go through the process of forced conversion. There will also be room for questions.

Congratulations to all that now received the transfer information from Evraz PJSC (formerly known as NTMK). The next steps depend on your holding method. If you opened an account with ROST and requested Evraz PJSC (NTMK) to transfer the shares to your account in ROST there is no further action required. The shares will be transferred over the next few days. If you instructed Evraz PJSC (NTMK) to transfer your shares to your brokerage account you will need to instruct your broker to place a matching inbound instruction. From our previous experience this can be done after the settlement in the instructions, but it is better do so sooner rather than later. For Cifra the normal online transfer form cannot be used. You currently need to send a ticket to Cifra support with the attachment / details provided by Evraz PJSC and request them to complete the paper transfer form for you. Support will then reply with a pre-filled form that you only need to print and subsequently sign and date. You c...

Yesterday was the last day for submitting applications for obtaining Evraz NTMK shares for Evraz Plc shareholders. Congratulations to all that managed to apply successfully.  Today there were two Evraz updates that we wanted to inform you about.  1. Transfer of Rasp en Timir from Evraz Plc to Evraz KGOK   Today Putin authorized the transfer of RASP ("Raspadskaya") and Timir shares from Evraz Plc to a subsidiary of Evraz NTMK (Evraz KGOK). Although we do not know the exact arrangement, it is likely that a lot of value was, or will be transferred from Evraz Plc to Evraz NTMK.  2. Evraz NTMK announced a delay in sending transfer instructions   Evraz NTMK announced today that, due to the high number of applications received, they need a bit more time to send out the settlement instructions. Evraz NTMK announced that they will now send the reference and settlement information between the 5th of December and 8th of December 2025. If you do not receive the settlemen...

From the 1st of December 2025 "Reestr Proton", the new Russian registrar of Ozon, will start accepting applications for the forced conversion of depositary shares of Ozon. Ozon recently underwent redomiciliation from Cyprus to Russia. Applications for forced conversion can be submitted until the 31st of March 2026.  It is likely that this may be the only chance for holders of depositary shares to convert their depositary shares of Ozon into ordinary shares. If one does not participate in the current procedure the ordinary shares underlying the depositary receipts may well be liquidated for a discount once the depositary bank BNY may be able to do so. Magenta Legal recently published a video in which they explain the process. EAHCISS may organise a webinar on this topic too to help investors navigate the fairly complex procedure of forced conversion. The video by Magenta Legal can be viewed via YouTube: https://youtu.be/Xir-ZeLMeOM

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