Norilsk NickelGMKN21 172,00
Norilsk Nickel announced on its website, that the Government Commission for the Control of Foreign Investments in Russia allowed the company to maintain its program of American Depositary Receipts. ADR shares of Norilsk Nickel will be able to be traded outside of Russia until 28 April 2023.
The law went into effect at the end of April., according to which Russian companies were to delist receipts for their shares from foreign exchanges and terminate the programs of these receipts. But the government on an individual basis can allow such programs to be maintained - and Norilsk Nickel took advantage of this opportunity..
The company believes, that the decision of the government commission “gives time to assess the available opportunities, as well as the development of necessary solutions, aimed at maintaining investment attractiveness in the long term".
The company's ADRs are on the US OTC market, as well as in the electronic trading system of the OTC sections of the London, Berlin and Frankfurt stock exchanges. Full trading on the London Stock Exchange has been suspended since the beginning of March 2022, along with receipts for shares of other Russian companies.
For private investors, holding ADRs of Norilsk Nickel, the news about the retention of the receipts program is positive. There is a margin of time, to understand the procedure for converting these receipts into shares or, as an option, try to sell them on the over-the-counter market - or even wait for the resumption of exchange trading.
Besides, this precedent means, that other companies too, maybe, will be allowed to extend their depositary receipt programs.
According to TASS, at the end of April 2022, the receipts wanted to keep EN+, Sistema JSFC, "Ribbon", "Magnet", MMC, NLMK, Novatek and Tatneft. Maybe, some of them will be able to follow the path of Norilsk Nickel.
Here is Akron., Aeroflot, VTB, Gazprom, Inter RAO, Lukoil, Mosenergo, Sberbank and Severstal announce delisting of depository receipts from foreign exchanges.