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6 May 2009 16:25
6 May 2009
OAO Tatneft Upgrades its Depositary Receipts Program and Changes the Ratio
May 6, 2009 - OAO Tatneft announced today that effective May 8, 2009, its Regulation S Global Depositary Receipt (GDR) program will be upgraded to an over-the-counter (OTC) traded American Depositary Receipt (ADR) program. In addition, the current GDR ratio will change from 1:20 (1 GDR representing 20 ordinary shares) to 1:6 (1 ADR representing 6 ordinary shares). The CUSIP / ISIN numbers as well as the ticker symbol on the London Stock Exchange (ATAD) remain unchanged.
Tatneft GDR shareholders as of close of business on May 7, 2009 will receive an additional 233.333333% ADRs* based upon the number of Global Depositary Receipts held on record. The GDRs currently held will automatically be converted to represent the new ratio. No action is required by the holders of the GDRs.
Tatneft believes that the upgrade of its GDR program to an OTC traded ADR and the ratio change will enhance the liquidity of the shares and make them more accessible to a larger group of investors.
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* Holders entitled to a fraction of Tatneft's depositary receipt as a result of the ratio change will be receiving a cash compensation for the value of such fraction pursuant to a standard procedure upon stock distribution.
Forward-looking statements: This press-release contains statements about future events and expectations that are forward-looking in nature. Any statement in this press-release that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. OAO Tatneft assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.
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