RE: Hoping for a positive RnS, suspension lifted!11 Mar 2022 07:18
This is Motley Fool assessment below obviously his own opinion as personally I don’t think it would be a total write off…
Evraz: suspended
Coal and steel group Evraz (LSE: EVR) said on Wednesday that it didn’t believe it should be affected by UK sanctions against Russia.
Even so, Evraz’s board then decided to cancel the interim dividend it had declared on 25 February.
On Thursday morning, things got really serious. The government added Roman Abramovich, the company’s largest shareholder, to the UK’s sanction list. Evraz shares were suspended from London trading.
I can’t emphasise enough how quickly things happened. I saw the news about Abramovich at 10.48 on a newspaper’s live news page. At 11am, the London Stock Exchange suspended Evraz shares.
What happens next? Evraz shareholders won’t receive the March dividend. Although UK shareholders will continue to own the stock, they can’t sell it.
Evraz shares might return to trading at some point. Personally, I think a more likely scenario is that the company’s LSE shares will be cancelled. This would probably leave Evraz shares listed on the Moscow Stock Exchange only.
If this happens, I’d guess that most UK shareholders would be unable to sell and would have to write off their investment.