PJSC Gazprom has notified Gazprombank (Joint Stock Company) of the necessity to perform automatic conversion of depositary receipts into PJSC Gazprom’s shares.
Gazprombank is responsible for the custody of the ordinary shares of PJSC Gazprom that represent receipts issued under the depositary receipts programmes. The issuer of the depositary receipts (The Bank of New York Mellon) has a depo account under the depositary programmes opened at Gazprombank to record the title to PJSC Gazprom shares.
The notification was sent in pursuance of Federal Law No. 319-FZ “On Amendments to Certain Legislative Acts of the Russian Federation” (the “Law”) dated 14 July 2022. This Law provides for the conversion of depositary receipts into the underlying ordinary shares of Russian issuers without the participation of the foreign depositary bank.
The standard conversion procedure remains available up to August 3, 2023.