Tatneft Might Have to Terminate American Depositary Receipts Under New Russian Law - MarketWatch

Tatneft PJSC said Tuesday that it will need to terminate its American depositary receipts program due to a new Russian law, unless it is granted a special exception.

Without an exemption, the Russian oil-and-gas company will be required to take steps terminating the agreement relating to its ADRs.

Affected ADRs won't have voting rights and dividends won't be paid on the ADRs until they are converted into ordinary shares, it said.

The new law affecting the ADRs was published on Saturday.

Write to Kyle Morris at [email protected]

source: https://www.marketwatch.com/story/tatneft-might-have-to-terminate-american-depositary-receipts-under-new-russian-law-271650357829

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