Russia's EN+ mulls options for foreign listings after Moscow ruling (updated)

En+ MKPAO

19/04/2022 08:52

(Adds detail from statement, background)
    April 19 (Reuters) - Russia's hydropower group EN+  ENPG.MM 
is weighing options to terminate its global depository receipts
(GDRs) after the country voted to delist firms from foreign
exchanges amid sanctions on Moscow following its invasion of
Ukraine. 
    EN+, which has a London listing  ENPLq.L , said on Tuesday
it will have five days to remove its GDRs once the provisions
become effective, adding that shares underlying the GDRs will
have no voting rights and dividends will not be paid on those
deposits.
    Over the weekend, Russian President Vladimir Putin signed
into law a bill https://www.reuters.com/business/finance/russian-lawmakers-vote-delisting-russia-registered-firms-foreign-bourses-2022-04-06,
 which obliges firms registered in Russia and have foreign
listings to take steps to dissolve agreements that allow trading
of depositary receipts outside the country.
    "The company is evaluating possible scenarios and seeking
necessary advice, including legal," EN+ said in a statement. 
"The company will separately notify the market about sending
notices to terminate the deposit agreements." 
    The London Stock Exchange had suspended trading last month
in GDRs of Russian companies, including EN+, Rosneft  ROSN.MM ,
Sberbank  SBER.MM , Gazprom  GAZP.MM , and Lukoil  LKOH.MM ,
after prices crashed to record lows since Russia began what it
calls a "special military operation" in Ukraine on Feb. 24.    
    The Russian law will not affect companies with Russian roots
that carried out initial public offerings on foreign exchanges,
such as Yandex  YNDX.O  or TCS Group  TCSq.L . 
    

 (Reporting by Pushkala Aripaka in Bengaluru; Editing by Sherry
Jacob-Phillips)
 ((Pushkala.A@thomsonreuters.com; Twitter: @pullthekart; Mobile:
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