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En+ Group notifies on start of conversion of depositary receipts into shares

The automatic conversion applies only to those GDRs, the rights to which are recorded in Russian depositaries, the company added

MOSCOW, August 18. /TASS/. En+ Group has submitted to Citibank, its custodian bank, a notification on the procedure for the automatic conversion of GDRs (global depositary receipts) into shares, the company said in a statement on Thursday.

"En+ Group, further to the announcement of 28 July 2022, informs that on 18 August 2022 it submitted to AO Citibank a notification triggering the procedure for the automatic conversion of the company’s GDRs into the company’s shares underlying the GDRs in accordance with the Federal Law No. 114-FZ "On Amendments to the Federal Law on Joint Stock Companies and Certain Legislative Acts of the Russian Federation" dated 16 April 2022," the statement said.

The automatic conversion applies only to those GDRs, the rights to which are recorded in Russian depositaries, the company added.

Russian President Vladimir Putin signed the bill on delisting of depositary receipt of Russian companies from foreign platforms with their following conversion into Russian securities into law on April 16, 2022. The procedure of automatic conversion of depositary receipts of Russian issuers into shares started on August 15.