Magnit notifies JPMorgan chase Bank, n.a. of termination of the deposit agreement and GDR programme
Krasnodar, Russia (May 20, 2022): Magnit PJSC (MOEX and LSE: MGNT; Magnit, the Company), one of Russia’s leading retailers, announces that on May 20, 2022, the Company gave notice of termination of the deposit agreement it entered into with JPMorgan Chase Bank, N.A. (“JPMorgan”) on February 20, 2008 (the “Deposit Agreement”) to JPMorgan. Global depositary receipts representing ordinary shares of PJSC Magnit (“GDRs”) were issued under the Deposit Agreement.
Magnit is required to terminate the Deposit Agreement pursuant to Federal Law No. 114-FZ “On Amendment of Federal Law “On Joint-Stock Companies” and Certain Legislative Acts of the Russian Federation” of April 16, 2022 (“Federal Law No. 114-FZ”). Holders of GDRs have the right to convert their GDRs into ordinary shares of Magnit, subject to, and in accordance with, the procedure specified in the Deposit Agreement and subject to mandatory requirements of Russian law.
As previously announced, pursuant to Federal Law No. 114-FZ, the Company submitted an application to the Ministry of Finance of the Russian Federation to continue circulation of the GDRs outside Russia. On May 20, 2022, the Company received a decision rejecting the application.
|
|
Note to editors
“Magnit” is one of Russia’s leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of March 31, 2022, Magnit operated 45 distribution centers and 26,605 stores in 3,946 cities and towns throughout 7 federal regions of the Russian Federation.
In accordance with the audited IFRS 16 results for FY 2021, Magnit had revenues of RUB 1,856 billion and an EBITDA of RUB 214 billion. Magnit's local shares are listed on the Moscow Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT).
|
