PAO Severstal: Information regarding GDR program (1332049)
April 21 2022 - 5:30AM
UK Regulatory
PAO Severstal (SVST) PAO Severstal: Information regarding GDR
program 21-Apr-2022 / 12:30 MSK Dissemination of a Regulatory
Announcement, transmitted by EQS Group. The issuer is solely
responsible for the content of this announcement.
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Information regarding GDR program
In the spirit of keeping the investors abreast of recent legal
developments that may be relevant for their decision making and to
allow investors to carry out all necessary preparations and
communications, PAO Severstal hereby informs that on April 16, 2022
a federal law which prohibits the placement and circulation of
depositary receipts representing shares of Russian issuers was
signed by the President of the Russian Federation and officially
published (the "Law"). The relevant provisions of the Law will come
into effect on April 27, 2022 (the "Effective Date").
The Law envisages the termination by all Russian issuers,
including PAO Severstal, of their depositary receipt facilities.
Pursuant to the Law, as from the Effective Date: (i) only those
investors who hold global depositary receipts (GDRs) as of the
Effective Date will be entitled to convert them into ordinary
shares of PAO Severstal; (ii) the outstanding GDRs will not grant
voting or dividend rights until they have been converted into
ordinary shares, and (iii) no further GDRs may be issued under the
GDR Programme of PAO Severstal.
In anticipation of the Law coming into effect, PAO Severstal has
notified Citibank. N.A., as the Depositary for its GDR Programme,
of its implications and asked the Depositary to consider the steps
necessary to be taken in connection with the termination of the GDR
Programme. As at the date of this communication, the Depositary has
not provided any feedback to PAO Severstal. Therefore, PAO
Severstal would also encourage GDR holders to liaise with the
Depositary in accordance with the terms of the relevant Deposit
Agreements and discuss options available to secure their rights,
including in connection with the conversion of GDRs into PAO
Severstal's ordinary shares.
For further information, please contact:
Investor Relations
Nikita Klimantov
T: +7 (495) 926-77-66
na.klimantov@severstal.com
Public Relations
Anastasia Mishanina
T: +7 (495) 926-77-66
anastasia.mishanina@severstal.com
***
P?? Severstal is one of the world's most efficient metals and
mining companies, creating new products and integrated steel
solutions together with its customers and partners. The company's
assets are located in Russia, Latvia and Poland. Severstal is
listed on MOEX and the company's GDRs are traded on the LSE.
Severstal reported revenue of USD11.6 billion and EBITDA of USD6.0
billion in 2021. Severstal's crude steel production in 2021 reached
11.6 mln tonnes. www.severstal.com
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ISIN: US8181503025
Category Code: MSCL
TIDM: SVST
LEI Code: 213800OKDPTV6K4ONO53
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 156772
EQS News ID: 1332049
End of Announcement EQS News Service
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