Forced (mandatory) conversion of GDRs of VK (VKONTAKTE) has started
VK (VKONTAKTE) has announced the beginning of the forced (mandatory) conversion of its Global Depositary Receipts (GDRs). Filing of the Application for forced conversion with the Russian Registrar AO “MRZ” (JSC IRC, “Registrar”) to initiate forced conversion of VK GDRs is possible starting from 25.09.2024. The forced conversion will be over on 22.01.2025.
Documents for the forced conversion of VK GDRs can be filed to the Registrar by the GDR holders (their representatives), who maintain their GDRs at the foreign brokers. The documents will be analyzed by the Registrar within 20 working days from the date of their filing – after the expiration of this term the Registrar either approves the Application or rejects it. Resubmission of the documents is possible – in this case the documents will be reviewed again within 20 working days.
At the link you can find a list of the documents requested by the Registrar. This list is based on our understanding of the requirements of the Registrar, which can always request additional documents and/or refuse to accept certain documents, as well as specify additional demands to the documents.
The information provided in this message is for general guidance only and does not constitute legal or financial advice. MAGENTA Legal accepts no liability for any actions (or inactions) based on the information provided. Please consult with your legal and/or financial advisor.