Moscow, 17 September 2024 – PJSC X5 Corporate Center (“X5” or the “Company”), a leading Russian food retailer that operates the Pyaterochka, Perekrestok and Chizhik retail chains, announces that on 3 September 2024 the Company finished collecting requests from holders of X5 Retail Group N.V. depositary receipts that are held with foreign depositories to take part in the distribution of shares in PJSC X5 Corporate Center. In line with Russian Federal Law No. 470-FZ of 4 August 2023 (the “Law”), within 10 business days after the Company has finished collecting such requests (i.e. no later than 17 September 2024), the Company must establish a list of persons who are entitled to enter into direct ownership of shares in the Company and must take the necessary steps for the relevant shares to be transferred to these persons.
In late August, Company shares were credited to the accounts of holders of X5 Retail Group N.V. depositary receipts that are held with Russian depositories. For more details on calculating the proportion of the book value of shares in PJSC X5 Corporate Center in the book value of X5 Retail Group N.V.’s assets for the purposes of Article 277 of the Russian Tax Code, see the Company website at [https://www.x5.ru/ru/investors/share-distribution/].
A decision by the Arbitration Court of the Moscow Region (the “Court”) dated 3 May 2024 suspended the exercise of X5 Retail Group N.V.’s corporate rights in regard to the Company and marked the beginning of the process to distribute shares in the Company among holders of X5 Retail Group N.V. depositary receipts. Pursuant to the Court’s decision, any undistributed shares will be returned to X5 Retail Group N.V. after 31 December 2024, unless X5 Retail Group N.V. opts to receive a cash compensation. The Company earlier confirmed its readiness to pay such a compensation and took all the necessary steps to enable this process. The Company will keep investors and market participants updated on further steps with regard to the undistributed shares, which will be subject to decisions made by X5 Retail Group N.V. and the receipt of necessary regulatory approvals.
In addition, on 2 September 2024, X5 Retail Group N.V. filed a cassation appeal against the decision of the Arbitration Court of the Moscow Region of 3 May 2024, which suspended its corporate rights. The case will be heard on 21 November 2024.
In light of this development, the start date for trading in PJSC X5 Corporate Center shares on the Moscow Exchange remains undetermined and will be announced at a later date.