Lenta IPJSC: Lenta IPJSC Announces Expected Enactment of the Law Requiring Termination of Depositary Receipt Programs (1334541)
25 Abril 2022 - 10:00AM
UK Regulatory
Lenta IPJSC (LNTA;LENT) Lenta IPJSC: Lenta IPJSC Announces
Expected Enactment of the Law Requiring Termination of Depositary
Receipt Programs 25-Apr-2022 / 17:00 CET/CEST Dissemination of a
Regulatory Announcement, transmitted by EQS Group. The issuer is
solely responsible for the content of this announcement.
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Press Release | St. Petersburg | 25 April 2022
Lenta IPJSC Announces Expected Enactment of the Law Requiring
Termination of Depositary Receipt Programs
St. Petersburg, Russia, 25 April 2022: Lenta IPJSC (LSE: LNTA,
MOEX: LENT) (the "Company"), one of the largest multi-format retail
chains in Russia, announces that the relevant provisions of the new
Russian law requiring Russian issuers to terminate their depositary
receipt programs (the "Law") unless they receive a permission of
the Government Commission on Control over Foreign Investments to
keep the programs (the "Permission"), will enter into force on 27
April 2022 (the "Effective Date").
It is likely that the Law will apply to the global depositary
receipts (ISIN: US52634T2006, ISIN: US52634T1016) (the "GDRs")
representing ordinary shares in the Company (the "Ordinary
Shares"). The Company is going to apply for the Permission of the
Government Commission on Control over Foreign Investments to keep
its GDR Program, however, no assurance can be given that such
Permission will be granted.
Unless the Permission is obtained, the Company will be required
to terminate its GDR program which will resulted in the
cancellation of the GDRs by way of conversion into the underlying
Ordinary Shares that will be distributed to the GDR holders as of
the Effective Date. The mechanics and timing of conversion of the
GDRs into the Ordinary Shares remain unclear. Furthermore, it is
not clear at the moment if and/or when the GDR holders will be able
to actually receive the Ordinary Shares, transfer them to their
securities accounts and receive distributions on them.
Pursuant to the Law, as from the Effective Date: (i) only those
investors who hold global depositary receipts (GDRs) as of the
Effective Date will be entitled to convert them into ordinary
shares of Lenta IPJSC; (ii) the outstanding GDRs will not grant
voting or dividend rights until they have been converted into
ordinary shares, and (iii) no further GDRs may be issued under the
GDR program of Lenta IPJSC.
The Ordinary Shares will continue to be listed on the Moscow
Exchange.
We recommend that investors discuss with their legal, financial,
tax and strategic advisers the implications of the Law and
potential termination of the Company's GDR program.
For further information, please visit https://corp.lenta.com/ or
contact:
Lenta Lenta
Mariya Filippova
Tatyana Vlasova Head of Public Relations and Government Affairs
Head of Investor Relations maria.filippova@lenta.com
tatyana.vlasova@lenta.com
EM (International Media Inquiries)
Lenta@em-comms.com
About Lenta
Lenta IPJSC (LSE: LNTA, MOEX: LENT) is a leading Russian
multi-format food and FMCG retailer. The company operates
hypermarkets, supermarkets, and recently launched a new proximity
store format under the brand "Mini Lenta." It also provides
customers the option to shop online via its click-and-collect and
express delivery services. Lenta is Russia's largest hypermarket
operator and the fourth largest food retailer overall by Sales. The
company was founded in 1993 in St. Petersburg and as of December
31, 2021, operated 254 hypermarkets and 541 supermarkets and
convenience stores in over 200 cities and towns across Russia with
more than 1.77 million square meters of Selling Space. The average
Lenta hypermarket has approximately 5,500 square meters of selling
space, the average Lenta supermarket has 800 square meters, and the
Mini Lenta format is 500 meters on average. The company operates 14
distribution centers to supply all of its stores. 2021 Revenues
were RUB 484 billion (approximately USD 6.5 billion).
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ISIN: US52634T2006, US52634T1016
Category Code: MSCH
TIDM: LNTA;LENT
LEI Code: 213800OMCE8QATH73N15
Sequence No.: 157459
EQS News ID: 1334541
End of Announcement EQS News Service
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April 25, 2022 11:00 ET (15:00 GMT)
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