Press Releases and Events
Announcement Regarding Automatic Conversion of Depositary Receipts
Moscow, 19 August 2022. PAO NOVATEK (“NOVATEK” and/or the “Company”) announced today that in accordance with cl. 13, art. 6 of Federal Law No. 114-FZ On Amending the Federal Law “On Joint-Stock Companies” and Certain Legislative Acts of the Russian Federation dated April 16, 2022 (as amended on July 14, 2022) and with due regard to the interests of depositary receipt (DR) holders, the Company has given a notice to the custodian maintaining the custodial account for the DR program (AO Raiffeisenbank) to start automatic conversion of depositary receipts. The automatic conversion procedure is only applicable to the receipts held with Russian custodians.
If the depositary receipts are held with foreign custodians and the holders of such receipts cannot convert them otherwise due to the existing restrictions, such holders may file an application for a forced conversion procedure. In this case, the GDR holder may file an application to AO Raiffeisenbank by October 12, 2022 together with documents evidencing such holder’s ownership of the depository receipts and specifying the foreign nominee holder details as well as other relevant information. The depositary receipts will be converted into ordinary shares after October 12, 2022, provided that AO Raiffeisenbank has no reasonable doubts as to the completeness and/or accuracy of the information contained in the application.
The Company’s global depository receipts currently remain in circulation outside the Russian Federation.
PAO NOVATEK is one of the largest independent natural gas producers in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. Upstream activities of the Company’s subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets Autonomous Area, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation.