Gazprom Neft to end ADR program on June 16 - depositary

MOSCOW. May 17 (Interfax) - Gazprom Neft is terminating its ADR program on June 16, BNY Mellon depositary has announced, and the ADRs must be converted into shares by June 16, 2023.

According to the latest report, Gazprom Neft had a free float of 4.3209% at the end of May 2021, with the share of ADRs in the company's capital being 1.1647%. The main volume was traded on the LSE.

The rest of the stake belongs to Gazprom .

Gazprom Neft implemented the program to issue Level 1 ADRs in April 1999. The program allows placing up to 8.4% of the total number of shares in ADRs. From 1999 to 2005, ten shares corresponded to one depository receipt. As of January 24, 2005, five shares correspond to one depositary receipt.

ADRs have access to trading without going through the listing procedure on the trading floors of the United States, Britain, and others.