17 Oct 2022 17:34

Rosneft sends request to UK regulator and LSE to delist GDRs, expected from Nov 14

MOSCOW. Oct 17 (Interfax) - Rosneft has announced its intentions to delist its Global Depositary Receipts (GDRs) from the London Stock Exchange (LSE).

The company said that it filed an application with the UK Financial Conduct Authority (FCA) and the LSE on October 17 on delisting its GDRs issued in accordance with Regulation S and Rule 144A, and representing ordinary shares of Rosneft.

The decision to delist the GDRs followed notice from the depositary, J.P. Morgan Chase Bank, N.A., on August 15, 2022, on terminating the deposit agreement.

Rosneft expects the delisting to take effect on November 14, 2022. GDR holders have the right to convert their securities into Rosneft deposited shares.

In accordance with the order of the Federal Service for Financial Markets, dated June 20, 2006, the placement and circulation of 2.140 billion ordinary shares of Rosneft outside the Russian Federation is allowed. In July 2006, the company listed its GDRs on the LSE. One GDR certifies the rights in respect to one share of Rosneft.

As of July 1, 2021, GDRs were issued for 506 million ordinary shares of Rosneft, which is 4.8% of the total number of shares.