Rosneft will delist securities on the London Stock Exchange on November 14
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Rosneft has filed an application with the Financial Conduct Authority (FCA) and the London Stock Exchange (LSE) with a request to cancel the listing of global depositary receipts. The company expects the delisting to take effect on November 14. Receipt holders may convert them into deposited shares of PJSC NK Rosneft.
On August 15, 2022, custodian bank JPMorgan Chase Bank, NA notified the company of the termination of the custodial agreement.
A depositary receipt is a certificate certifying ownership of a share or bond of a foreign issuer. In fact, this is the same security that was issued by the issuer, but placed on the stock exchange in another country. There it is traded in the form of a receipt.
Earlier, on April 16, President Vladimir Putin signed the law on the delisting of depository receipts of Russian companies from foreign markets with subsequent conversion into Russian securities. The law followed the decision of the LSE onbecome trading in Russian securities.
About the situation on the market – in the material “Kommersant FM” “Risks have been outlined for quotes”.
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