Termination of the Depositary Receipt Programmes in Relation to Shares in Gazprom

Source: www.gulfoilandgas.com 4/29/2022, Location: Asia

PJSC Gazprom announces the termination of its programmes of Depositary receipts representing shares in the Company (the “DR Programmes”).

In compliance with the Federal Law No. 114-FZ dated 16 April 2022 “On Making Amendments to the Federal Law “On Joint Stock Companies” and Certain Acts of Law of the Russian Federation”, PJSC Gazprom is required to terminate its Deposit Agreement with The Bank of New York Mellon under which depositary receipts (the “DRs”) representing shares in the Company are placed. Receipt holders have a right to convert them into ordinary shares in PJSC Gazprom.

The law defines the following basic terms:

- the receipt-to-share conversion right only applies to DR holders as at 27 April 2022;
- before the receipts are converted into shares, DR holders do not have any voting rights and are not entitled to any dividends. After the receipts are converted into shares, the holders of securities have a right to claim unpaid dividends in the manner prescribed by Federal Law No. 208-FZ “On Joint Stock Companies”.

PJSC Gazprom exercised its right under the Law and applied to the Russian Government requesting that circulation of the receipts outside the Russian Federation continue, but the request was rejected on 28 April 2022. Today PJSC Gazprom instructed The Bank of New York Mellon to terminate the Deposit Agreement. Now, as required by the Deposit Agreement, the depositary must send a notice of the termination of the DR Programmes to holders of the receipts. The receipts will be converted into Gazprom shares through a standard procedure under the Deposit Agreement, subject to mandatory requirements of Russian law.

Given the enactment of the Law and termination of the DR Programmes, PJSC Gazprom notified the UK's Financial Conduct Authority on 29 April 2022 of its intention to cancel standard listing of its depositary receipts on the London Stock Exchange. The Company has also asked the London Stock Exchange and the Singapore Exchange to delist its depositary receipts within 20 business days.


Morocco >>  8/17/2022 - Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco and Ireland. is pleased to announce t...
Cameroon >>  8/16/2022 - Tower Resources plc, the AIM listed oil and gas company with its focus on Africa , announces that it has made an annual award of share options under i...

Norway >>  8/16/2022 - Reference is made to the stock exchange announcement on 11 August 2022 made by PGS ASA (“PGS” or the “Company”) regarding the conversion of NOK 75,712...
Argentina >>  8/15/2022 - Echo Energy plc, the Latin American focused upstream oil and gas company, is pleased to announce the results of the Placing, further to the Company's ...

Bermuda >>  8/15/2022 - Valaris Limited has commenced a consent solicitation (“Consent Solicitation”) with respect to proposed amendments to the indenture (the “Indenture”) g...
Canada >>  8/15/2022 - Civeo Corporation, a leading provider of hospitality services to the natural resources sector, announced that it has agreed to repurchase approximatel...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.