The custodian Citi has suspended transactions with global Depositary receipts of En+ Group of Oleg Deripaska, on Friday included in the “black” list of the U.S. Treasury.
“Late in the evening on Friday, the company was informed that the Depositary Citi has suspended operations for the GDR programs of En+ Group. The company analyzes the situation with the lawyers” – is spoken in the message of En+.
Suspension of operations, applies to the receipts issued and the rule 144A and Reg S. rule
IPO En+ passed on the London stock exchange in November 2017, its total volume amounted to $1.5 billion the company raised $1 billion, another $500 million received Deripaska. The placement became the largest IPO by a Russian company for the last five years. Receipts of the company are traded on the Moscow exchange.
Oleg Deripaska and his basic assets of En+ and RUSAL included in the “black list” of the USA, published on Friday, OFAC (the structure of the U.S. Treasury, responsible for law enforcement in the area of sanctions).
On Monday, RUSAL shares fell in early trading on the Moscow exchange by 46.9% (to 15.04 rubles apiece), paper En+ lost 22.8 percent, down to 45 cents apiece.
The London stock exchange on Monday announced that trading of Depository receipts of En+ under rule 144A to qualified investors from the US suspended due to sanctions from 8:00 London time. On Friday, the company’s GDR in London fell by 20.9%. On Monday, the decline continued – Depositary receipts of the company in London has already lost more than 25% over the closing price Friday.
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