TIDMLNTR TIDMLNTA
RNS Number : 1147Z
Lenta Ltd
08 January 2020
LENTA ANNOUNCES START OF REDOMICILIATION PROCESS
AND INTENTION TO CHANGE DEPOSITARY
St. Petersburg, Russia; 8 January 2020 - Lenta Ltd ("Lenta" or
the "Company"), one of the largest retail chains in Russia, today
announces it (i) has started the process of continuing the Company
into Cyprus (the "Redomiciliation"), and (ii) intends to change the
depositary appointed in connection with the Company's global
depositary receipt programme (the "GDR Programme") from Deutsche
Bank Luxembourg S.A. (the "Original Depositary") to its affiliate
Deutsche Bank Trust Company Americas (the "New Depositary").
Redomiciliation
Further to obtaining shareholder approval of the Redomiciliation
and related matters at the Company's extraordinary general meeting
of 22 October 2019, the Company applied on 19 December 2019 to the
Department of Registrar of Companies and Official Receiver
("DRCOR") for continuance of the Company's incorporation into
Cyprus.
The Redomiciliation will become effective upon the issue by the
DRCOR of a certificate of temporary registration in Cyprus to the
Company (the actual date thereof, the "Effective Date").
The following events are expected to take place on the Effective
Date:
1. A change in the Company's registered office address to 6
Karaiskaki Street, City House, 3032 Limassol, Cyprus.
2. A change in the form of the Company to a public limited
liability company incorporated under the laws of Cyprus.
3. A change in the name of the Company to Lenta PLC.
4. Adoption of a new memorandum and articles of association,
which may be viewed on the Lenta website
(www.lentainvestor.com).
5. Replacement of the Company's existing corporate secretary by
Crystalserve Secretarial Limited.
6. A change in the par value of the Company's ordinary shares from no par to EUR 0.001.
7. Transfer of the Company's register of shareholders from the British Virgin Islands to Cyprus.
8. Effectiveness of a new deposit agreement that takes into
account the Redomiciliation (and the change of depositary - see
below) (the "New Deposit Agreement").
As at the Effective Date, the Company's GDRs will continue to be
admitted to trading on the London Stock Exchange and the Moscow
Exchange (with no change to their ISINs) and to the Official List
of the UK Financial Conduct Authority (the "FCA"). The Company's
GDRs will each continue to represent an interest in 0.2 ordinary
shares of the Company, and the terms and conditions thereof will
remain governed by English law. The Redomiciliation will not result
in any changes to the rights attaching to the Company's GDRs.
Accordingly, neither the Redomiciliation nor the change of
depositary should affect the ordinary course of trading of the
Company's GDRs.
Following the Effective Date, the Company intends to apply to
the Registry of Corporate Affairs in the British Virgin Islands for
a certificate of discontinuance of the Company in the British
Virgin Islands and, thereafter, to the DRCOR for a permanent
certificate of incorporation in Cyprus.
Change of depositary
Independently of the Redomiciliation, it is intended that the
Original Depositary shall cease to be the depositary under the GDR
Programme and its affiliate the New Depositary shall become the
depositary under the GDR Programme. This change of depositary shall
become effective as of the earlier of the Effective Date and 28
February 2020.
In accordance with rule 18.4.4 R of the FCA listing rules (the
"Listing Rules"), the FCA has confirmed that it is satisfied that
the New Depositary meets the continuing obligations imposed under
the Listing Rules in respect of depositaries.
*
The Company will make an announcement upon the Effective Date to
confirm that the Redomiciliation has become effective. Unless
already announced separately, such announcement shall also confirm
that the change of depositary has become effective and provide the
information on the New Depositary required under Listing Rule
18.4.5 LR.
About Lenta
Lenta is the largest hypermarket chain in Russia and the
country's fourth-largest retail chain. The Company was founded in
1993 in St. Petersburg. Lenta operates 249 hypermarkets in 88
cities across Russia and 131 supermarkets in Moscow, St.
Petersburg, and the Siberia, Urals and Central regions, with a
total of approximately 1,489,175 sq.m. of selling space. The
average Lenta hypermarket store has selling space of approximately
5,500 sq.m. The average Lenta supermarket store has selling space
of approximately 800 sq.m. The Company operates 12 distribution
centers.
The Company's price-led hypermarket formats are differentiated
in terms of their promotion and pricing strategies as well as their
local product assortment. The Company employed approximately 50,509
people as of 30 June 2019.
The Company's management team combines a mix of local knowledge
and international expertise coupled with extensive operational
experience in Russia. Lenta's largest shareholders include
Severgroup, which is committed to maintaining high standards of
corporate governance. Lenta is listed on the London Stock Exchange
and on the Moscow Exchange and trades under the ticker: 'LNTA'
A brief video summary on Lenta's business and its Big Data
initiative can be seen here.
For further information please visit www.lentainvestor.com, or
contact:
Lenta Russian Media:
Mariya Filippova NW Advisors
Public Relations and Government Victoria Afonina
Affairs Director el:+7 495 795 06 23
Tel: +7 812 380-61-31 ext.: E-mail: lenta@nwadvisors.com
1892
E-mail: maria.filippova@lenta.com
This announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the fact that they do not only
relate to historical or current events. Forward-looking statements
often use words such as "anticipate", "target", "expect",
"estimate", "intend", "expected", "plan", "goal", "believe", or
other words of similar meaning.
By their nature, forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances,
a number of which are beyond Lenta's control. As a result, actual
future results may differ materially from the plans, goals and
expectations set out in these forward-looking statements.
Any forward-looking statements made by or on behalf of Lenta
speak only as at the date of this announcement. Save as required by
any applicable laws or regulations, Lenta undertakes no obligation
publicly to release the results of any revisions to any
forward-looking statements in this document that may occur due to
any change in its expectations or to reflect events or
circumstances after the date of this document.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCUWRBRRSUARRR
(END) Dow Jones Newswires
January 08, 2020 02:07 ET (07:07 GMT)
Lenta IPJSC (LSE:LNTA)
Historical Stock Chart
From Jul 2024 to Jul 2024
Lenta IPJSC (LSE:LNTA)
Historical Stock Chart
From Jul 2023 to Jul 2024