5 May 2022 13:36

Lukoil to halt listing of ADRs on LSE from June 6, conversion into shares possible until Dec 30

MOSCOW. May 5 (Interfax) - Lukoil has sent notices to request terminating the listing of its ADR programs and the listing of the company's shares on the London Stock Exchange, the Russian oil company said in a statement.

Lukoil said that, in accordance with the recently enacted Russian law prohibiting circulation outside of Russia of depositary receipts representing shares of Russian issuers, it had advised Citibank N.A. of its intent to terminate its Level 1 ADR facility and Rule 144A ADR facility, effective December 30, 2022.

The company also notified the FCA and the London Stock Exchange of its intent to cancel the listing and admission to trading of the ADRs and ordinary shares of Lukoil, effective June 6, 2022.

ADR holders may convert their ADRs into ordinary shares of Lukoil by December 30, 2022. Only persons who held ADRs as of April 27, 2022, are eligible for conversion of their ADRs into ordinary shares of Lukoil.

ADR were traded for 30.6% of Lukoil's shares as of the end of May 2021, when data were last disclosed. The depositary receipts are listed on the LSE and trade on the Frankfurt, Munich and Stuttgart stock exchanges as well as the U.S. OTC market