Russia’s TMK finishes delisting from London Stock Exchange

MOSCOW, Sep 17 (PRIME) -- Russian oil and gas pipeline producer TMK has finished delisting of its global depositary receipts (GDRs) from the London Stock Exchange (LSE), the company said in a statement on Thursday.

“TMK … announces that, further to previous announcements and following the application to the Financial Conduct Authority and the London Stock Exchange, the listing and admission to trading on the LSE of its Regulation S and Rule 144A Global Depositary Receipts … each representing four ordinary shares of the company, has been cancelled with effect from start of trading on September 17, 2020,” the statement read.

“Immediately following the cancellation of listing, holders of the GDRs will no longer be able to trade their GDRs on the LSE and will not be able to obtain market quotations for the GDRs,” TMK said.

The company filed for delisting in August, saying that the decision had been made in light of an April decision of the board of directors not to consider listing of GDRs on the LSE as a strategic priority following a voluntary offer of TMK’s subsidiary Volzhsky Pipe Plant to buy a 34.7% stake in the parent company.

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