REG - PJSC Tatneft - Law Affecting ADR Program

Tatneft' Imeni V.D. Shashina PAOAnnouncement

19/04/2022 09:30

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RNS Number : 5763I  PJSC Tatneft  19 April 2022

19 April 2022

 

New Law Affecting the ADR Program

 

 

Further to the announcement made by PJSC Tatneft (the "Company") on 1 April
2022, the Company notifies about the adoption and official publication on 16
April 2022 of the Federal Law No. 114-FZ "On amendments to the Federal Law "On
Joint Stock Companies" and other Laws" (the "Law").

 

Unless the Company is granted a special permission to continue maintenance of
the American depositary receipts ("ADRs") program (the "ADR Program"), the
Company will be required to undertake necessary and sufficient steps aimed at
the termination of the deposit agreement relating to the Company's ADRs (the
"Deposit Agreement") and subsequently (within the next 5 business days) notify
the Central Bank of Russia about such actions and provide the supporting
documents.

 

As of the effective day of the Law, any placement, organization of circulation
and, unless permitted by respective Russian Government authority (please see
the next paragraph), circulation of the Company's ADRs is prohibited, no new
deposits of ordinary shares into the ADR facility would be possible and the
ADRs would not have voting rights and dividends would not be paid on such ADRs
until they are converted into ordinary shares as per the terms of the Deposit
Agreement. The rights of holders to respective ADRs would be determined as of
the effective day of the Law.

 

The Law provides for a possibility to obtain a permission to continue the ADR
program and respective trading in the ADRs outside Russia pursuant to a
procedure set by the Government of Russia in Regulation No. 672 published on
18 April 2022. The Company currently evaluates available options including
whether to apply for such permission.

 

Forward-looking statements:  This statement may contain certain
forward-looking statements of PJSC Tatneft.  PJSC Tatneft does not guarantee
occurrence of any events mentioned in such statements as well as term of their
occurrence.

 

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