22 Feb 2023 14:52

BNY Mellon notifies Nornickel ADR holders that depository agreement expires on May 23

MOSCOW. Feb 22 (Interfax) - The Bank of New York Mellon has notified the holders of ADRs of Norilsk Nickel (Nornickel) that the respective depository agreement will expire on May 23, 2023, the depository said in a statement.

The BNY Mellon in mid-November 2022 notified Nornickel, as well as other Russian companies, about the termination of the bank's functions as the depository of the respective ADR programs. The BNY Mellon has not received notification since that time from Nornickel about the choice of a new depository.

In accordance with the terms and conditions of the depository agreement, ADR holders must submit their respective ADRs by May 24, 2024, in order to convert said ADRs into shares, BNY Mellon recalled.

As at the beginning of 2023, the share of ADRs in Nornickel's charter capital had decreased to 6.7%, according to the company's website. ADRs previously accounted for 20% of the charter capital.

Nornickel's ADR program is valid until April 28, 2023, according to the permission granted last year by the Russian government commission for the control of foreign investment.