Tatneft receives permission to maintain ADR listing

MOSCOW. May 17 (Interfax) - Tatneft has received permission from the commission overseeing foreign investments in Russia to maintain its American Depositary Receipt (ADR) program on the London Stock Exchange.

Permission from the commission was required due to changes in legislation that entered into effect on April 27, according to which Russian issuers must end their depositary receipt programs. The law obligates Russian issuers to take actions to terminate depositary agreements no later than five working days after April 27 if they do not file an application to continue their programs.

According to the latest information, 24.53% of ordinary Tatneft shares have been deposited for conversion into ADRs, with a conversion rate of six shares per depositary receipt. The company's ADRs are listed on the LSE and are traded on Deutsche Boerse Group's Xetra system.