Depositary Receipts: Webinar 05 June 2024
German law firm AWARR and Russian law firm MAGENTA Legal held another joint webinar on conversion of depositary receipts for shares of Russian companies.
Ms. Antje Radtke-Rieger, Managing Partner of AWARR, spoke about the current status of conversion of depositary receipts of such companies as LUKOIL, ROSNEFT, GAZPROM, MTS and many others.
Mr. Anton Shamatonov, Managing Partner of MAGENTA Legal, in his report spoke about the recent changes in the forced conversion (2024) in relation to redomiciled companies (companies that have changed their place of registration from foreign jurisdictions to Russia), in particular, VKontakte, Yandex, Tinkoff Bank (TCS Group), etc., about opportunities for foreign institutional investors to use funds frozen in Russia in type “C” accounts to buy back shares of foreign companies within the framework of the so-called “exchange of frozen assets”, distributed dividends of Russian companies, which can be claimed by holders of depositary receipts who converted them into shares (especially LUKOIL), etc.
A video of the webinar is available on MAGENTA Legal's YouTube channel at this link.