Sistema to leave LSE May 14 as Russian permit for GDR program set to expire

MOSCOW. April 14 (Interfax) - Sistema PJSFC has announced plans to delist from the London Stock Exchange and terminate its Global Depositary Receipt (GDR) program as of May 14.

The Russian investment group said it has already directed the GDR depository, Citibank, N.A., to terminate the Deposit Agreements with an anticipated termination date of May 14, 2023.

Sistema recalled that in April 2022 it obtained consent from the Russian Government Commission on Monitoring Foreign Investments to continue circulation of its shares in the form of depositary receipts outside of Russia until May 13, 2023.

With this deadline approaching, Sistema "is taking steps to terminate the Deposit Agreements and complete the Delisting from LSE, which is intended to take place on 14 May 2023." Sistema said it has filed the relevant applications with the UK Financial Conduct Authority and the LSE.

"Following the Delisting from LSE, trading in Sistema's ordinary shares will continue on the Moscow Exchange and the SPB Exchange under the ticker AFKS," Sistema said. The company's free float is 2.8% on the LSE and 29.4% on the Russian exchanges.