Last checked at 19 Apr 2022 09:22
19 April 2022
New Law Affecting the ADR Program
Further to the announcement made by PJSC Tatneft (the "Company") on 1 April 2022, the Company notifies about the adoption and official publication on 16 April 2022 of the Federal Law No. 114-FZ "On amendments to the Federal Law "On Joint Stock Companies" and other Laws" (the "Law").
Unless the Company is granted a special permission to continue maintenance of the American depositary receipts ("ADRs") program (the "ADR Program"), the Company will be required to undertake necessary and sufficient steps aimed at the termination of the deposit agreement relating to the Company's ADRs (the "Deposit Agreement") and subsequently (within the next 5 business days) notify the Central Bank of Russia about such actions and provide the supporting documents.
As of the effective day of the Law, any placement, organization of circulation and, unless permitted by respective Russian Government authority (please see the next paragraph), circulation of the Company's ADRs is prohibited, no new deposits of ordinary shares into the ADR facility would be possible and the ADRs would not have voting rights and dividends would not be paid on such ADRs until they are converted into ordinary shares as per the terms of the Deposit Agreement. The rights of holders to respective ADRs would be determined as of the effective day of the Law.
The Law provides for a possibility to obtain a permission to continue the ADR program and respective trading in the ADRs outside Russia pursuant to a procedure set by the Government of Russia in Regulation No. 672 published on 18 April 2022. The Company currently evaluates available options including whether to apply for such permission.
Forward-looking statements: This statement may contain certain forward-looking statements of PJSC Tatneft. PJSC Tatneft does not guarantee occurrence of any events mentioned in such statements as well as term of their occurrence.