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Notification for the holders of the Global Depository Receipts of Magnit

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Notification for the holders of the Global Depository Receipts of Magnit
26-Apr-2022 / 23:54 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.



Notification for the holders of the Global Depository Receipts of Magnit

Krasnodar, Russia (April 26, 2022): Magnit PJSC (MOEX and LSE: MGNT; Magnit, the Company), notifies on the below information.

On 16 April 2022, the Federal Law No. 114-FZ "On changes to Federal Law 'On Joint-Stock Companies' and certain legislative acts of the Russian Federation" ("The Federal Law No. 114-FZ") was published. The Federal Law obliges Russian issuers to stop issuing and/or trading of depositary receipts certifying the rights for underlying ordinary shares of Russian issuers. Provisions of the Federal Law regarding the depositary receipts will come into force on 27 April 2022 (the "Effective Date").

The Federal Law No. 114-FZ stipulates, among other things:

  • for the purpose of receiving an appropriate number of shares of a Russian issuer upon cancellation of depositary receipts, the holders of such depositary receipts shall be determined as of the Effective Date; and

  • the shares of Russian issuers registered in the depo accounts of depository programs do not provide voting rights, are not considered in the vote count, and dividends on such shares are not paid.

The Federal Law No. 114-FZ obliges Russian issuers to take necessary and reasonable steps to terminate Depositary Agreement within 5 business days from the Effective Date, unless they submit an application to continue depositary receipts program in compliance with the procedure established by the Russian Government. Magnit is considering different actions regarding its depository receipts program stipulated by the legislation of the Russian Federation. However, there is no guarantee that such application of Magnit will be satisfied if submitted.

Interests of Magnit's investors, including both holders of ordinary shares and GDRs is one of the key priorities. The Company is in contact with JPMorgan Chase Bank N.A., to ensure interests of GDR holders and legislation of the Russian Federation.

The holders of Magnit depositary receipts may directly contact JPMorgan Chase Bank N.A.  in accordance with the procedure stipulated by the agreement with the Depositary and to discuss with JPMorgan Chase Bank N.A. the possible options for exercising their rights, including the conversion of depositary receipts into Magnit ordinary shares.









For further information, please contact:


Dina Chistyak

Director for Investor Relations

Office: +7 (861) 210 9810 x 15101


Media Inquiries                    Twitter                    @MagnitIR










Note to editors


"Magnit" is one of Russia's leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of December 31, 2021, Magnit operated 45 distribution centers and 26,077 stores in 3,898 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS 16 results for FY 2021, Magnit had revenues of RUB 1,856.1 billion and an EBITDA of RUB 214.2 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT).




Forward-looking statements


This document contains or may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected sales growth rate and/or store openings are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Magnit as of the date of the statement. All written or oral forward-looking statements attributable to Magnit are qualified by this caution. Magnit does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances.




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End of Announcement

EQS News Service

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