DJ PJSC Magnitogorsk Iron and Steel Works: MMK notifies about termination of the depositary receipts programme
PJSC Magnitogorsk Iron and Steel Works (MMK) PJSC Magnitogorsk Iron and Steel Works: MMK notifies about termination of the depositary receipts programme 25-May-2022 / 16:35 CET/CEST Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
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PJSC Magnitogorsk Iron & Steel Works ("MMK", or "the Group") (MOEX: MAGN; LSE: MMK) notifies
about termination of the depositary receipts programme ("DR programme").
In compliance with Federal Law No. 114-FZ "On changes to Federal Law "On Joint-Stock Companies"
and certain legislative acts of the Russian Federation" ("Federal Law No. 114-FZ") which came
into force on 27 April 2022 (the "Effective Date"), MMK submitted the application to the
Russian Government to continue its depositary receipts trading (ISIN US5591892048,
US5591891057; CUSIP 559189204, 559189105) outside of the Russian Federation in accordance with
Federal Law No. 114-FZ, but the application was rejected on 13 May 2022, which MMK was notified
of on 19 May 2022.
In order to comply with Federal Law No. 114-FZ, MMK is obliged to terminate the deposit
agreement with the Citibank, N.A. (the "Deposit Agreement") acting as depositary in relation to
the MMK's depositary receipts (the "GDRs"). Today MMK has notified Citibank, N.A. about the
termination of the Depositary Agreement in accordance with its terms and conditions and
requested Citibank, N.A. to notify the GDR holders of the DR programme's termination and to
take all necessary actions under the Deposit Agreement.
GDR holders have the right to convert their GDRs into the ordinary shares of MMK, where each
MMK GDR represents 13 ordinary shares of MMK, in accordance with the Depositary Agreement.
MMK notifies about
termination of the Federal Law No. 114-FZ stipulates, among other things, that:
depositary receipts
programme -- for the purpose of receiving an appropriate number of shares of a Russian issuer
upon cancellation of depositary receipts, the holders of such depositary receipts shall be
determined as of the Effective Date; and
-- the shares of Russian issuers registered in the depo accounts of depository
25 may 2022 programmes do not provide voting rights, are not counted at voting, and dividends on such
shares are not paid.
Magnitogorsk, Russia
Restrictions set out above would not apply to the other MMK ordinary shares (not registered in
the depo accounts of depositary programmes), including the ordinary shares into which the GDR
holders may convert their GDRs.
Considering the foregoing, MMK notified the Financial Conduct Authority ("FCA") of MMK's
intention to cancel listing of the GDRs in the London Stock Exchange Official List and
requested that the London Stock Exchange ("LSE") cancel the admission to trading on the London
Stock Exchange's Main Market of the GDRs.
Pursuant to Listing Rule 5.2.8, MMK expects (but in no way guarantees or undertakes to procure)
that the cancellation will become effective on the 21st business day from the date of
notification of FCA and LSE.
MMK will provide regular updates regarding its DR programme once and when appropriate in due
course.
Given the information outlined above, MMK encourages the GDR holders to liaise with Citibank,
N.A. directly in accordance with the relevant agreement with the Depositary and to discuss with
Citibank, N.A. the possible options for exercising their rights, including the right to convert
the GDRs into MMK ordinary shares.
Please follow the link below to find Citibank, N.A. contact details: https://mmk.ru/en/investor
/information-for-shareholders/registar-and-depositary/
Investor Relations
Department
Veronika Kryachko
+7 (915) 380-62-66
kryachko.vs@mmk.ru
Communications
Department
Dmitriy Kuchumov
+7 (499) 238-26-13
kuchumov.do@mmk.ru
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ISIN: US5591892048 Category Code: MSCH TIDM: MMK LEI Code: 253400XSJ4C01YMCXG44 OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State Sequence No.: 164172 EQS News ID: 1361445 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
May 25, 2022 10:35 ET (14:35 GMT)
