Nanduq (formerly known as Qiwi) buyback offer
Nanduq (formerly known as Qiwi) has launched a buyback tender offer for its depositary shares (ISIN US74735M1080). Nanduq is offering 4.3 USD per depositary share. Shareholders can sign up for the tender offer until the 17th of April. More information on the buyback offer can be found on the website of Nanduq: https://nanduq.com/investors/buyback/
Nanduq (formerly known as Qiwi) has launched a buyback tender offer for its depositary shares (ISIN US74735M1080). Nanduq is offering 4.3 USD per depositary share. Shareholders can sign up for the tender offer until the 17th of April. More information on the buyback offer can be found on the website of Nanduq: https://nanduq.com/investors/buyback/
Nanduq
Buyback - NanduQ
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION. THE TRANSACTIONS CONTEMPLATED BY THIS ANNOUNCEMENT ARE…
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O'key Group to delist from AIX
On April 10, 2026, the Gerenal Meeting of O'KEY GROUP S.A. decided to suspend trading on the AIX (Astana International Exchange) in the Group's global depositary receipts (ISIN US6708662019) from May 8, 2026 and to terminate trading and exclude these GDRs (ISIN US6708662019) from the official list of the AIX from May 13, 2026.
O'key Group GDRs have also been listed on the Moscow Exchange since December 2020. It is planned that after delisting from AIX, the GDR program will continue to be traded on the Moscow Exchange.
More information can be found here: https://okeygroup.lu/press-center/press-releases/2026/2033/
On April 10, 2026, the Gerenal Meeting of O'KEY GROUP S.A. decided to suspend trading on the AIX (Astana International Exchange) in the Group's global depositary receipts (ISIN US6708662019) from May 8, 2026 and to terminate trading and exclude these GDRs (ISIN US6708662019) from the official list of the AIX from May 13, 2026.
O'key Group GDRs have also been listed on the Moscow Exchange since December 2020. It is planned that after delisting from AIX, the GDR program will continue to be traded on the Moscow Exchange.
More information can be found here: https://okeygroup.lu/press-center/press-releases/2026/2033/
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EAHCISS Annual General Meeting to take place on 6th of June 2026
The annual general meeting (AGM) of EAHCISS will take place during the afternoon of the 6th of June 2026 in hybrid form. Members of EAHCISS can attend physically at a location located centrally in the Netherlands in person or via video connection. After the physical meeting there will be social drinks with the opportunity to chat with other members and the board. Members of EAHCISS will receive an email with more information and how to register for the AGM over the next two weeks.
The annual general meeting (AGM) of EAHCISS will take place during the afternoon of the 6th of June 2026 in hybrid form. Members of EAHCISS can attend physically at a location located centrally in the Netherlands in person or via video connection. After the physical meeting there will be social drinks with the opportunity to chat with other members and the board. Members of EAHCISS will receive an email with more information and how to register for the AGM over the next two weeks.
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JP Morgan liquidated shares underlying MTS ADRs
In April 2026 JP Morgan accounced that it has liquidated the shares underlying the ADRs of Mobile Telesystems (MTS): https://api.markitdigital.com/jpmadr-public/v1/cms/document?cmsId=8043843bdfc5456fafcbf1f694cc0f6a&sequenceNo=1
JP Morgan sold the underlyings shares for $0.820352 per share, so $1.640704 per ADR. This amount is quite a bit less than the tender offer by MTS back in 2024 for 95 Rubles per ordinary share (https://ir.mts.ru/en/tender_offer). JP Morgan did not participate in the tender offer back then. After fees and the correction for missing underlying shares due to forced conversion the cash distribution per ADR will be $ 1.582695 upon cancellation of the ADRs.
The liquidation sale was executed at a significant discount to the current price at the Moscow Stock Exchange (MOEX) is approximately 220 Rubles per ordinary share (so 440 Rubles per ADR).
JP Morgan has so far sold the underlying shares of three Russian ADR-programs at significant discounts to the share price at the MOEX: Magnit supermarkets, Mobile Telesystems and Novorossiysk Commercial Sea Port (NCSP).
In April 2026 JP Morgan accounced that it has liquidated the shares underlying the ADRs of Mobile Telesystems (MTS): https://api.markitdigital.com/jpmadr-public/v1/cms/document?cmsId=8043843bdfc5456fafcbf1f694cc0f6a&sequenceNo=1
JP Morgan sold the underlyings shares for $0.820352 per share, so $1.640704 per ADR. This amount is quite a bit less than the tender offer by MTS back in 2024 for 95 Rubles per ordinary share (https://ir.mts.ru/en/tender_offer). JP Morgan did not participate in the tender offer back then. After fees and the correction for missing underlying shares due to forced conversion the cash distribution per ADR will be $ 1.582695 upon cancellation of the ADRs.
The liquidation sale was executed at a significant discount to the current price at the Moscow Stock Exchange (MOEX) is approximately 220 Rubles per ordinary share (so 440 Rubles per ADR).
JP Morgan has so far sold the underlying shares of three Russian ADR-programs at significant discounts to the share price at the MOEX: Magnit supermarkets, Mobile Telesystems and Novorossiysk Commercial Sea Port (NCSP).
JP Morgan liquidated shares underlying NCSP ADRs
In April 2026 JP Morgan accounced that it has liquidated the shares underlying the ADRs of Novorossiysk Commercial Sea Port (NCSP): https://api.markitdigital.com/jpmadr-public/v1/cms/document?cmsId=c440676901554f368872385d7eb55355&sequenceNo=4
JP Morgan sold the underlyings shares for $0.032996 per share, so $2.474700 per ADR. After fees and the correction for missing underlying shares due to forced conversion the cash distribution per ADR will be $ 2.389009 upon cancellation of the ADRs.
The liquidation sale was executed at a significant discount to the current price at the Moscow Stock Exchange (MOEX) is approximately 8.40 Rubles per ordinary share (so 630 Rubles per ADR).
JP Morgan has so far sold the underlying shares of three Russian ADR-programs at significant discounts to the share price at the MOEX: Magnit supermarkets, Mobile Telesystems and Novorossiysk Commercial Sea Port (NCSP).
In April 2026 JP Morgan accounced that it has liquidated the shares underlying the ADRs of Novorossiysk Commercial Sea Port (NCSP): https://api.markitdigital.com/jpmadr-public/v1/cms/document?cmsId=c440676901554f368872385d7eb55355&sequenceNo=4
JP Morgan sold the underlyings shares for $0.032996 per share, so $2.474700 per ADR. After fees and the correction for missing underlying shares due to forced conversion the cash distribution per ADR will be $ 2.389009 upon cancellation of the ADRs.
The liquidation sale was executed at a significant discount to the current price at the Moscow Stock Exchange (MOEX) is approximately 8.40 Rubles per ordinary share (so 630 Rubles per ADR).
JP Morgan has so far sold the underlying shares of three Russian ADR-programs at significant discounts to the share price at the MOEX: Magnit supermarkets, Mobile Telesystems and Novorossiysk Commercial Sea Port (NCSP).
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Lobby success: exception from EU transaction ban on Sberbank, VTB and other banks for payment of dividends
Last year the EU introduced a transaction ban with several Russian banks, including Sberbank (see article 5h of Regulation (EU) 833/2014). After the transaction ban was imposed EAHCISS established contact with the head of the financial sanctions unit within the European Commission (https://news.eahciss.org/2025/07/impact-of-eu-sanctions-on-eu-investors.html).
The correspondence spread over many months during which we reiterated and explained our request to add a 'prior contract' exception. In April 2026 this exception was added to the EU sanctions regulation (under paragraph 22 of article 1 of Council Regulation (EU) 2026/506 of 23 April 2026 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine).
The shareholder agreement is such prior contract that establishes the legal basis for the payment of dividend payments from an enitity that is subject to the transaction ban.
Last year the EU introduced a transaction ban with several Russian banks, including Sberbank (see article 5h of Regulation (EU) 833/2014). After the transaction ban was imposed EAHCISS established contact with the head of the financial sanctions unit within the European Commission (https://news.eahciss.org/2025/07/impact-of-eu-sanctions-on-eu-investors.html).
The correspondence spread over many months during which we reiterated and explained our request to add a 'prior contract' exception. In April 2026 this exception was added to the EU sanctions regulation (under paragraph 22 of article 1 of Council Regulation (EU) 2026/506 of 23 April 2026 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine).
The shareholder agreement is such prior contract that establishes the legal basis for the payment of dividend payments from an enitity that is subject to the transaction ban.
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EAHCISS will meet with MEP before the St. Petersburg International Economic Forum
EAHCISS will meet a Member of the European Parliament (MEP) that will visit the St. Petersburg International Economic Forum and will meet with members of the Duma during the event. The goal of the meeting in Brussels is to discuss the challenges that European investors in Russia are facing. Unfortunately, EAHCISS is not able to send a representative to the Forum itself, but is looking forward to provide input via the meeting with the MEP in Brussels.
EAHCISS will meet a Member of the European Parliament (MEP) that will visit the St. Petersburg International Economic Forum and will meet with members of the Duma during the event. The goal of the meeting in Brussels is to discuss the challenges that European investors in Russia are facing. Unfortunately, EAHCISS is not able to send a representative to the Forum itself, but is looking forward to provide input via the meeting with the MEP in Brussels.
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Compensation from broker for Russian CFD (contract for difference)
The UK Financial Ombudsman has ordered Interactive Brokers (IB) to compensate an investor that invested in a Russian CFD (contract for difference). In this case the CFD was for 10.000 Sberbank ordinary shares. Interactive Brokers refused to close the position because they could not trade the underlying Sberbank shares Interactive Brokers had bought to cover the CFD contract. From March 2022 onwards, IB raised the margin required for the position to 100%. By August 2024 the interest alone charged on the position had amounted to around USD $12,000.
The European Securities and Markets Authority (ESMA) introduced a margin close-out rule in 2018 that states that CFD providers have to close positions once the net asset value in the investor's account drops to 50% of the required margin.
The Financial Ombudsman ruled that Interactive Brokers was required to stop charging interest and other charges on the CFD position once they had to close the position on the basis of the ESMA 50% margin close-out rule and ordered IB to refund these charges and to stop charging any future charges until the position can be closed. In addition IB was ordered to pay £200 for the distress caused.
The full decision by the Financial Ombudsman can be found here: https://www.financial-ombudsman.org.uk/decision/DRN-5843228.pdf
Earlier we wrote about other cases where investers were ordered compensation from the UK and Dutch Financial Ombudsman: https://news.eahciss.org/2026/02/compensation-from-brokers-for-failed.html
The UK Financial Ombudsman has ordered Interactive Brokers (IB) to compensate an investor that invested in a Russian CFD (contract for difference). In this case the CFD was for 10.000 Sberbank ordinary shares. Interactive Brokers refused to close the position because they could not trade the underlying Sberbank shares Interactive Brokers had bought to cover the CFD contract. From March 2022 onwards, IB raised the margin required for the position to 100%. By August 2024 the interest alone charged on the position had amounted to around USD $12,000.
The European Securities and Markets Authority (ESMA) introduced a margin close-out rule in 2018 that states that CFD providers have to close positions once the net asset value in the investor's account drops to 50% of the required margin.
The Financial Ombudsman ruled that Interactive Brokers was required to stop charging interest and other charges on the CFD position once they had to close the position on the basis of the ESMA 50% margin close-out rule and ordered IB to refund these charges and to stop charging any future charges until the position can be closed. In addition IB was ordered to pay £200 for the distress caused.
The full decision by the Financial Ombudsman can be found here: https://www.financial-ombudsman.org.uk/decision/DRN-5843228.pdf
Earlier we wrote about other cases where investers were ordered compensation from the UK and Dutch Financial Ombudsman: https://news.eahciss.org/2026/02/compensation-from-brokers-for-failed.html
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Registration for general meeting 6th of June 2026
All members should now have received a personal invitation for the EAHCISS general meeting on the 6th of June 2026 by e-mail. We look forward to seeing many of you in person and to discuss experiences and investment ideas during the lunch or the networking drinks. Please don't forget to indicate you interest for the event by completing the registration form. A link to the registration form can be found in the e-mail. Please feel free to reach out via contact@eahciss.org if you have any questions.
All members should now have received a personal invitation for the EAHCISS general meeting on the 6th of June 2026 by e-mail. We look forward to seeing many of you in person and to discuss experiences and investment ideas during the lunch or the networking drinks. Please don't forget to indicate you interest for the event by completing the registration form. A link to the registration form can be found in the e-mail. Please feel free to reach out via contact@eahciss.org if you have any questions.
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Trading of Evraz shares started today on the Moscow Exchange
Today Evraz shares started trading on the Moscow Exchange (MOEX). The official announcement can be found here: https://www.moex.com/n100160
The share price and trade volume can be followed on the website of the Moscow Exchange: https://www.moex.com/en/stocks/evrz
Trading commenced at a price of approximately 80 Rubles per share.
Earlier shareholders of the UK registered Evraz PLC had the opportunity to apply for a share distribution in shares in the Russian subsidiary. For every single share of Evraz PLC 2.68 shares of the Russian subsidiary could be distributed. It is this former Russian subsidiary (Evraz PJSC) that is currently trading on the Moscow Exchange.
Today Evraz shares started trading on the Moscow Exchange (MOEX). The official announcement can be found here: https://www.moex.com/n100160
The share price and trade volume can be followed on the website of the Moscow Exchange: https://www.moex.com/en/stocks/evrz
Trading commenced at a price of approximately 80 Rubles per share.
Earlier shareholders of the UK registered Evraz PLC had the opportunity to apply for a share distribution in shares in the Russian subsidiary. For every single share of Evraz PLC 2.68 shares of the Russian subsidiary could be distributed. It is this former Russian subsidiary (Evraz PJSC) that is currently trading on the Moscow Exchange.
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Evraz AGM on 11th of June 2026
The annual general meeting of Evraz PJSC will take place on the 11th of June 2026 in Nizhny Tagil, Russia.
The agenda lists the following items:
1. On the distribution of profits (including payment (declaration) of dividends) and losses of PJSC EVRAZ based on the results of the 2025 financial year.
2. On the election of members of the Board of Directors of PJSC EVRAZ.
3. On the appointment of an audit organization of PJSC EVRAZ.
Persons entitled to vote when decisions are made by the General Meeting of Shareholders of EVRAZ PJSC shall have the right to become familiar with the information (materials) provided to shareholders in preparation for the General Meeting of Shareholders, in the premises of the executive body of EVRAZ PJSC daily from 21 May 2026, excluding weekends and holidays, from 9:00 to 18:00, as well as during the meeting at the address: Nizhny Tagil, Metallurgov Street, Bldg. 1.
More information can be found on the website of Evraz: https://www.evraz.ru/press-center/news/soobshchenie-o-provedenii-godovogo-zasedaniya-obshchego-sobraniya-aktsionerov-pao-evraz/
The annual general meeting of Evraz PJSC will take place on the 11th of June 2026 in Nizhny Tagil, Russia.
The agenda lists the following items:
1. On the distribution of profits (including payment (declaration) of dividends) and losses of PJSC EVRAZ based on the results of the 2025 financial year.
2. On the election of members of the Board of Directors of PJSC EVRAZ.
3. On the appointment of an audit organization of PJSC EVRAZ.
Persons entitled to vote when decisions are made by the General Meeting of Shareholders of EVRAZ PJSC shall have the right to become familiar with the information (materials) provided to shareholders in preparation for the General Meeting of Shareholders, in the premises of the executive body of EVRAZ PJSC daily from 21 May 2026, excluding weekends and holidays, from 9:00 to 18:00, as well as during the meeting at the address: Nizhny Tagil, Metallurgov Street, Bldg. 1.
More information can be found on the website of Evraz: https://www.evraz.ru/press-center/news/soobshchenie-o-provedenii-godovogo-zasedaniya-obshchego-sobraniya-aktsionerov-pao-evraz/
EVRAZ - RU
Сообщение о проведении годового заседания Общего собрания акционеров ПАО «ЕВРАЗ» - Евраз НТМК
Публичное акционерное общество «ЕВРАЗ»
Российская Федерация, Свердловская область, город Нижний Тагил,
ОГРН 1026601367539, ИНН 6623000680 (далее - ПАО «ЕВРАЗ», Общество)
Сообщение
о проведении годового заседания для принятия решений…
Российская Федерация, Свердловская область, город Нижний Тагил,
ОГРН 1026601367539, ИНН 6623000680 (далее - ПАО «ЕВРАЗ», Общество)
Сообщение
о проведении годового заседания для принятия решений…
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EAHCISS one-pager for St. Petersburg International Economic Forum
Today EAHCISS had a preparatory meeting with an member of the European Parliament (MEP) for the St. Petersburg International Economic Forum (SPIEF) at the European Parliament in Brussels. During the meeting a one-pager was presented and copies were provided to the MEP for meetings with Russian members of the Duma. The one-pager contains challeges identified by EAHCISS and proposed solutions. The one-pager is bilangual with one side in English and the other side in Russian. Our one-pager can be downloaded here: https://drive.google.com/file/d/143UdEwhk9tc84vwg-TcjkFpCVMTWPVHk/view?usp=sharing
There will also be at least one member of EAHCISS attending the Forum. We wish all attendees of the Forum fruitful meetings, conversations and dialogues.
Today EAHCISS had a preparatory meeting with an member of the European Parliament (MEP) for the St. Petersburg International Economic Forum (SPIEF) at the European Parliament in Brussels. During the meeting a one-pager was presented and copies were provided to the MEP for meetings with Russian members of the Duma. The one-pager contains challeges identified by EAHCISS and proposed solutions. The one-pager is bilangual with one side in English and the other side in Russian. Our one-pager can be downloaded here: https://drive.google.com/file/d/143UdEwhk9tc84vwg-TcjkFpCVMTWPVHk/view?usp=sharing
There will also be at least one member of EAHCISS attending the Forum. We wish all attendees of the Forum fruitful meetings, conversations and dialogues.
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JP Morgan liquidated shares underlying Sberbank ADRs
On the 8th of June 2026 JP Morgan announced that they have liquidated the shares underlying the ADRs of Sberbank: https://api.markitdigital.com/jpmadr-public/v1/cms/document?cmsId=520e5773254e470ba09e55b38bd59b9d&sequenceNo=1
JP Morgan sold the underlyings shares for $1.184027 per share, so $4.736108 per ADR. After fees and the correction for missing underlying shares due to forced conversion the cash distribution per ADR will be $4.476211 upon cancellation of the ADRs.
The liquidation sale was executed at a significant discount to the current price at the Moscow Stock Exchange (MOEX) is approximately 322 Rubles per ordinary share (so 1,288 Rubles per ADR).
JP Morgan has so far sold the underlying shares of four Russian ADR-programs at significant discounts to the share price at the MOEX: Sberbank, Magnit supermarkets, Mobile Telesystems and Novorossiysk Commercial Sea Port (NCSP).
EAHCISS is trying to establish if ADR holders whose positions have been liquidated can now apply to collect past unpaid dividends from Sberbank.
The liquidation by JP Morgan also makes it more easy to establish damages that have been caused by brokers that wrongly refused to process conversion requests. We are aware that several investors are likely to claim damages from these brokers and will follow these cases closely and support members where applicable.
On the 8th of June 2026 JP Morgan announced that they have liquidated the shares underlying the ADRs of Sberbank: https://api.markitdigital.com/jpmadr-public/v1/cms/document?cmsId=520e5773254e470ba09e55b38bd59b9d&sequenceNo=1
JP Morgan sold the underlyings shares for $1.184027 per share, so $4.736108 per ADR. After fees and the correction for missing underlying shares due to forced conversion the cash distribution per ADR will be $4.476211 upon cancellation of the ADRs.
The liquidation sale was executed at a significant discount to the current price at the Moscow Stock Exchange (MOEX) is approximately 322 Rubles per ordinary share (so 1,288 Rubles per ADR).
JP Morgan has so far sold the underlying shares of four Russian ADR-programs at significant discounts to the share price at the MOEX: Sberbank, Magnit supermarkets, Mobile Telesystems and Novorossiysk Commercial Sea Port (NCSP).
EAHCISS is trying to establish if ADR holders whose positions have been liquidated can now apply to collect past unpaid dividends from Sberbank.
The liquidation by JP Morgan also makes it more easy to establish damages that have been caused by brokers that wrongly refused to process conversion requests. We are aware that several investors are likely to claim damages from these brokers and will follow these cases closely and support members where applicable.
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Discounts applied upon liquidation of shares (underlying ADRs)
After the liquidation of the Sberbank shares underlying the ADR-program, various investors seem to wonder what the background is of this discount.
Decree No. 81 of the President of the Russian Federation dated March 1, 2022, "On Additional Temporary Economic Measures to Ensure the Financial Stability of the Russian Federation" (Decree No. 81; https://www.consultant.ru/document/cons_doc_LAW_410578/) established a special procedure for the execution of transactions involving securities between residents of the Russian Federation and "persons of foreign states committing unfriendly acts".
According to the general rule stipulated by Decree No. 81, transactions involving securities between residents of the Russian Federation and "unfriendly persons" are only possible with the permission of the Government Commission for the Control of Foreign Investment in the Russian Federation (the Government Commission).
The minutes of the Government Commission meeting of the 15th of October 2024 provide the current framework for permissions (https://minfin.gov.ru/common/upload/library/2024/10/main/Vypiska_Protokol_N_268_1.pdf). Permission is granted when a discount of at least 60% to the market value is applied and a voluntary contribution to the Russian State is made of at least 35% of the market value. The voluntary contribution is in practice often made by the Russian buyer.
After the liquidation of the Sberbank shares underlying the ADR-program, various investors seem to wonder what the background is of this discount.
Decree No. 81 of the President of the Russian Federation dated March 1, 2022, "On Additional Temporary Economic Measures to Ensure the Financial Stability of the Russian Federation" (Decree No. 81; https://www.consultant.ru/document/cons_doc_LAW_410578/) established a special procedure for the execution of transactions involving securities between residents of the Russian Federation and "persons of foreign states committing unfriendly acts".
According to the general rule stipulated by Decree No. 81, transactions involving securities between residents of the Russian Federation and "unfriendly persons" are only possible with the permission of the Government Commission for the Control of Foreign Investment in the Russian Federation (the Government Commission).
The minutes of the Government Commission meeting of the 15th of October 2024 provide the current framework for permissions (https://minfin.gov.ru/common/upload/library/2024/10/main/Vypiska_Protokol_N_268_1.pdf). Permission is granted when a discount of at least 60% to the market value is applied and a voluntary contribution to the Russian State is made of at least 35% of the market value. The voluntary contribution is in practice often made by the Russian buyer.
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