Source - DGAP Regulatory
| Press release of WEISSWERT Rechtsanwaltsgesellschaft mbH Lukoil, Rosneft, Tatneft: Avoid Total Loss – Immediate Action Required to Convert ADRs to Shares by October 1, 2024 Stuttgart, August 20, 2024 Investors with holdings in Russian companies such as Lukoil, Rosneft, and Tatneft now have a crucial opportunity to avoid potential total losses. Until October 1, 2024, there is a chance to convert American Depositary Receipts (ADRs) into shares, thanks to a new OFAC (Office of Foreign Assets Control) license and recent measures by the European Union facilitating the conversion of ADRs into Russian shares. New US-License and European Support Facilitate the Conversion Since the escalation of the war between Russia and Ukraine, ADRs for Russian companies have been largely frozen for Western investors due to sanctions. However, the OFAC License 100A issued in August 2024, along with the European Union’s 11th sanctions package, has opened up new avenues for converting ADRs into shares. European clearinghouses such as Clearstream and Euroclear are now supporting this process, making it possible for investors to complete the conversion. Immediate Action Required Investors should act swiftly to take advantage of this opportunity. Banks and brokers are currently informing their clients and offering them to cancel their ADRs by the end of September 2024 at the latest, to ensure the original shares are credited to their accounts. The deadline for submitting complete conversion instructions to DR agents such as Deutsche Bank, Citibank, and JP Morgan is October 1, 2024. For a successful conversion, investors will also need an account linked to the Russian National Settlement Depository (NSD). “This may be the final chance for investors to convert their ADRs into Russian shares. It is critical to take all necessary steps immediately,” says Maximilian Weiss, attorney and managing director of WEISSWERT, a law firm specializing in banking and capital markets law. Dividend Claims After Conversion Investors who successfully convert their ADRs into shares can also claim previously unpaid dividends from the Russian issuers. A request must be submitted for this purpose. Investors from so-called “unfriendly countries” will require a special type “C” ruble account. Future dividends will be credited automatically to the investor's account, with no further application required. WEISSWERT Supports Investors The law firm WEISSWERT has been assisting investors with ADR issues and the conversion into Russian shares from the outset. We provide comprehensive support with the ADR conversion process, dividend claims, and represent investors' interests with banks, brokers, the EU Commission, and other relevant authorities. For more information, investors can visit our website and request further information: www.weisswert.de. “While the current situation is promising for many investors, there are still unresolved issues with ADRs from issuers such Gazprom, Nornickel, and Gazprom Neft. We are hopeful for a resolution soon, especially as conversion options are being discussed in Russia as well. However, currently, there are no conversion options available for these ADRs,” adds Maximilian Weiss. List of ADRs that Can Be Converted to Shares by October 1, 2024:
Contact: WEISSWERT Rechtsanwaltsgesellschaft mbH Maximilian Weiss, LL.M. (Northwestern) Feuerbacher Weg 51 | 70192 Stuttgart | Germany Tel.: + 49 711 340383 00 Mail: presse@weisswert.de Web: www.weisswert.de
Issuer: WEISSWERT Rechtsanwaltsgesellschaft mbH Key word(s): Finance Dissemination of a Press Release, transmitted by EQS News - a service of EQS Group AG. |
| Language: | English |
| Company: | WEISSWERT Rechtsanwaltsgesellschaft mbH |
| Feuerbacher Weg 51 | |
| 70192 Stuttgart | |
| Germany | |
| Internet: | https://weisswert.de/ |
| EQS News ID: | 1939085 |
| End of News | EQS Media |
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