print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all press releases

MMK

August 16, 2022

MMK announces the start of automatic GDR conversion process

PJSC Magnitogorsk Iron & Steel Works (“MMK”, the “Group”) (MOEX: MAGN, LSE: MMK) announces that it has initiated the automatic Global Depositary Receipt (“GDR”) conversion process.

On 15 August 2022, MMK sent a conversion notice (the “Notice”) to JSC Citibank, the depository bank managing the depository programme’s custody account, regarding the automatic conversion of MMK GDRs into MMK shares in line with Article 4 of Federal Law No. 319-FZ On Amendments to Certain Legislative Acts of the Russian Federation, dated 14 July 2022 (“Law 319-FZ”), and the Resolution of the Bank of Russia’s Board of Directors dated 22 July 2022, which specifies the period and procedure for the automatic conversion of GDRs into shares (the “Automatic Conversion Procedure”).

Based on the Automatic Conversion Procedure and the date of the Notice, MMK believes, but does not guarantee, that the automatic conversion process will take place by 5 September. As a result of the process, holders who meet the requirements of Law 319-FZ and the Automatic Conversion Procedure will have MMK GDRs written off from their securities accounts by depositary banks, which is currently managing these accounts, and the equivalent number of MMK shares will be deposited.

Please follow the link below to find additional information regarding Automatic Conversion Procedure in the Bank of Russia’s announcement dated 15 August 2022: https://cbr.ru/press/event/?id=14089.




Search by industry

Agriculture, Foresty and Fishing | Chemicals | Coal Mining | Conglomerates | Construction Materials | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Ore Mining | Other | Other Extracting | Other Industrial | Other Service | Other Utilities | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer