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My wife and i hold 160,000 shares in EVR. A FTSE 100 company at the time of purchase. These were to provide an income for us, after i had to retire due to ill health.
Due to the suspension we are having to borrow from our children, to pay some of our outgoings each month.
Some protection !!!!
I have written to my MP in respect of sanctions, as these only affect shareholders. Many of whom relied on dividends. I have yet to receive a response ! It would be helpful if other shareholders contacted their MP too.
EVR are carrying on almost as normal. The principal effect of sanctions relates to the ability to raise funds on international markets, although, it appears that EVR does not need to raise funds at present. The supply of parts and equipment are also effected, this will mean that the Russians will produce these parts internally.
The other impact will be on the LSE as we have already seen companies relist onto other exchanges. In future, foreign companies are less likely to list on the LSE, where a FTSE 100 company can be sanctioned.
Some possible good news is that RASP is trading at nearly £3 per share.
That is absolutely true.
The UK has also given a waiver for Evraz NA to carry on as normal.
Sanctions will have made it harder for Evraz Plc to obtain spare parts from outside Russia and operate in the financial markets, in respect of raising money etc. However it does appear to need recourse to borrowings as it operations are continuing in Russia.
In the event a company is dissolved, say for failing to file accounts, it's assets become " bona vacantia" which literally means vacant goods, as they have no owner. These then belong to the crown. It is possible to restore the company by making good the breach i.e. filing the accounts.
There is no company, hence no shareholders, so it does not matter in which form you held the shares.
The problem with the assets are in Russia and will be extremely difficult, if not impossible to recover.
We should all email our respective MP's and ask them to raise the issue of sanctions against Evraz, with appropriate ministers, if only to bring attention to the issue and plight of UK shareholders.
I did say there will be few assets in the UK .
Fining directors is the legal position, i did not comment on the practicalities of doing so.
The Company can be dissolved, as it is a UK listed company and any UK assets vest in the Crown.
The consequences are that the directors can be fined, as it is a criminal offence and ultimately the company dissolved and the assets belong to the Crown. There are likely to be few assets in the UK. The UK will not only lose significant tax revenues but impact on the lives of UK investors, in an extremely detrimental manner.
The North American investors have Evraz NA and hence they are likely to be fully compensated. The USA as usual will look after its own people. The UK government sanctions appear to have had little impact, on Evraz operations in Russia and maximum effect on UK investors. The sanctions were imposed at the behest of the West with little thought as to its consequences.
I retired due to ill health and purchased 160,000 Evraz shares to secure my future and that of my children and grandchildren. I take full responsibility for this but i was investing in a FTSE 100 company !
Was I not correct DanSteely ?
The suspension will be lifted once the company has published its Annual Report. This will be published and posted in the next few days.