PJSC Acron Group, Moscow, said on April 27 it is seeking to delist its global depositary receipts (GDRs) from the London Stock Exchange (LSE) Main market.
The Russian fertilizer group said it is required to terminate its GDR programs because of the revisions to Russian laws that ban the circulation of depositary receipts that represent Russian issuers’ shares and enforce cancellation of the existing depositary receipt programs.
The LSE listing cancellation is expected to become effective at 8:00 a.m. (GMT) on May 25, with May 24 being the last day of GDRs trading on the LSE.
Acron said GDR holders may convert their GDRs into Acron ordinary shares under the depositary program termination procedure.