NLMK says to ask govt to prolong listing of receipts on LSE
MOSCOW, Apr 20 (PRIME) -- Russian steelmaker Novolipetsk Steel (NLMK) plans to ask the government’s commission for foreign investment control to prolong listing of its depositary receipts on the London Stock Exchange (LSE), the company said in a statement late on Tuesday.
The central bank said that the Russian companies have to initiate delisting of their foreign depositary receipts until May 5 as per recent amendments to the law or request the government to prolong listing.
NLMK said that the Russian companies, whose shares are listed on the foreign stock exchanges in the form of depositary receipts, have to break depositary contracts. The owners of the receipts will have the right to convert the securities into ordinary shares, but they will be placed on the depo accounts of depositary programs and will grant no voting rights and receive no dividends.