EVRAZ: shares credited to clients
EVRAZ approved the applications submitted by us regarding the allocation of EVRAZ Plc shares, and the shares have now been credited to our clients.
Current status:
- 100% of submitted applications have been approved;
- one application remains under review;
- no rejections have been received.
We would like to specifically highlight the situation involving complex applications related to shares acquired after 5 August 2022.
Under Russian regulation, such transactions:
- fall under post-5 August 2022 restrictions;
- require approval from the Russian Government Commission;
- in the absence of such approval, are deemed null and void under Presidential Decrees.
For these cases, we applied our specific know-how:
- identifying, along the transaction chain, sellers who held the shares as of 4 August 2022 or earlier (i.e. before the restrictions entered into force);
- submitting applications on behalf of those sellers, rather than the current holders;
- preparing a special documentation package, under which the current holders:
– openly and in good faith confirmed the fact of the transactions;
– acknowledged that such transactions are void under Russian law;
– expressly confirmed that they do not object to the former shareholders acting as applicants.
During the review process, we received additional requests from EVRAZ, provided supplementary documentation, and within extremely tight deadlines organised document requests, cross-border logistics (including via third countries), translations and notarisation — working effectively 24/7 to meet the required timeframes.
As a result, EVRAZ has formally approved this approach, granting approval to the relevant applications in full.
This confirms the validity of the chosen legal structure and demonstrates our practical expertise in depositary receipts, corporate actions and sanctions-related matters.
We are currently also working on projects involving forced conversions and related procedures for OZON, CIAN, Etalon, as well as other securities.
For operational updates, follow our new Telegram Channel dedicated to forced conversions.
If you have individual questions or require legal support, our Telegram Bot is available for direct assistance.
You can also reach our team via the contact form on our Website.