A global depositary receipt& (GDR) is a security certifying the right of its holder to own a certain number of shares in a company. GDRs are issued by a depositary bank that owns the shares directly. If a company issues GDRs, it is these GDRs that are sold to investors on a stock exchange. A single GDR may represent ownership of several shares or fractions thereof.
X5 Group GDRs trade on the London Stock Exchange (LSE), Moscow Exchange (MOEX) and the St Petersburg Stock Exchange (SPBEX) under the ticker FIVE. Each GDR represents 0.25 of an ordinary share in X5. BNY Mellon acts as the depositary bank and the issuer of GDRs for X5. All of the above means that shares in X5 cannot be purchased directly. The only way to invest in the Company's equity is to acquire GDRs.
X5 GDRs can be bought and sold on Moscow Exchange as easily as shares in any other Russian companies. GDR trading is regulated by Russian legislation, and the process is similar to buying shares. GDR holders have the right to receive dividends and participate in General Meetings of Shareholders.