14 Apr 2023 21:03

Nornickel ceasing information disclosure via LSE

MOSCOW. April 14 (Interfax) - Nornickel will cease publishing information in accordance with London Stock Exchange (LSE) disclosure standards from April 17 due to the refusal of a publishing service provider to work with Russian companies, the company said on Friday.

"Nornickel has not found an alternative provider after the current provider of press release publishing services under the UK MAR and LSE Admission and Disclosure Standards stopped providing services to Russian companies.

Nornickel's ADR program is valid through April 28, 2023, according to the permit obtained last year from the Foreign Investment Control Commission. As of the beginning of 2023, the share of ADRs in Nornickel's charter capital has fallen to 6.7%, according to the company's website. Previously, ADRs accounted for 20% of charter capital.

As sources in several Russian public companies earlier told Interfax, a leading Equity story (EQS) provider, which many used as an alternative to the official stock exchange service, RNS, stopped working with Russian companies on March 31. Other providers, including RNS, refuse to sign new contracts with Russian issuers. It is possible to disclose information on the UK financial market through a limited number of providers (primary information provider, PIP) accredited by the regulator, the FCA.

Due to EU sanctions, EQS Group can no longer provide disclosure services to issuers registered in Russia and those under restrictive measures, EQS said in a statement.