Developer Etalon signed an agreement to change the depository bank – Kommersant
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Development group Etalon has signed an agreement with The Bank of New York Mellon (BNY Mellon) to share the global depositary receipt (GDR) program. This was reported by press service companies.
The agreement stipulates that on November 6, The Bank of New York Mellon will transfer the GDR program under the Reg S rule (for investors outside the United States) under the management of a new depositary bank of Luxembourg-based RCS Issuer Services S.AR.L.
Meanwhile, BNY Mellon remains the GDR operator under Rule 144A (for qualified institutional investors in the US market). However, the rule will cease to apply 90 days after the division of the GDR program.
Etalon announced the decision to change the depositary bank in May. BNY Mellon has provided custody services to the company since April 2021. In August, Etalon stopped listing global depositary receipts on the London Stock Exchange. In July, the company received primary listing status on the Moscow Exchange.
The largest shareholder of Etalon Group PLC is AFK Sistema, it owns 48.8% of the developer’s GDR. Another 35.2% is in free float, 6.3% is held by the Emirati state holding company Mubadala Investment Company, 5% is held by the Kopernik Global Investors fund, and 4.1% is held by Prosperity Capital. The remaining 0.6% is owned by the company’s management.
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