MMC Norilsk Nickel: THE BANK OF NEW YORK MELLON NOTIFIED OF THE TERMINATION OF THE DEPOSIT AGREEMENT FOR NORNICKEL’S ADR PROGRAM
MMC Norilsk Nickel (MNOD)
Public Joint Stock Company «Mining and Metallurgical Company «NORILSK NICKEL» (PJSC “MMC “Norilsk Nickel”, “Nornickel” or the “Company”)
THE BANK OF NEW YORK MELLON NOTIFIED OF THE TERMINATION OF THE DEPOSIT AGREEMENT FOR NORNICKEL’S ADR PROGRAM
Moscow, February 22, 2023 – PJSC “MMC “Norilsk Nickel”, the world’s largest producer of palladium and high-grade nickel and a major producer of platinum and copper, notifies that on February 21, 2023, The Bank of New York Mellon (BNYM) published a corporate action notice of the termination of the Deposit Agreement, under which American depositary receipts (ADRs) representing the Company’s shares were issued, effective May 23, 2023. Under the terms and conditions of the Deposit Agreement, ADR holders retain the right to surrender their ADRs for delivery of Nornickel’s shares; however, BNYM’s books are currently closed for cancellation of ADRs and it is not clear when they will be re-opened.
Nornickel reminds ADR holders that the permission of the Government Commission on Control of Foreign Investments in the Russian Federation to maintain the circulation of the Company’s shares outside of Russia expires on April 28, 2023. From that date, in accordance with the provisions of Federal Law No. 114-FZ dated April 16, 2022 (the “Law”), the Company’s shares deposited into BNYM’s depositary program custody accounts will become non-voting, will not be taken into account for the purposes of vote counting, and dividends will not be paid on such shares. For the surrender of ADRs to withdraw the respective number of shares, holders of such ADRs will be determined as of April 28, 2023.
This announcement does not constitute legal, accounting, tax or any other professional advice. This announcement is for informational purposes only and has been prepared on the basis of the Company’s interpretation of the effect of the Law on the ADR program. The Company takes no responsibility if the interpretation of the applicable laws and regulations by the relevant government authorities will differ from the interpretation set out in this announcement. Holders of ADRs must independently decide on their actions in connection with this announcement and, if necessary, contact their investment, legal or other advisors.
ABOUT THE COMPANY
MMC Norilsk Nickel is a diversified mining and metallurgical company, the world’s largest producer of palladium and high-grade nickel and a major producer of platinum and copper. The company also produces cobalt, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium and other products.
The production units of Norilsk Nickel Group are located at the Norilsk Industrial District, on the Kola Peninsula and Zabaykalsky Krai in Russia as well as in Finland.
MMC Norilsk Nickel shares are listed on the Moscow and on the Saint-Petersburg Stock Exchanges, ADRs are accepted for trading on the Saint-Petersburg Stock Exchange.
End of Announcement
EquityStory RS News Service