Moscow, 14 June 2024 – X5 Group (“X5” or the “Company”), a leading Russian food retailer that operates the Pyaterochka, Perekrestok and Chizhik retail chains, announces that X5 Retail Group N.V. (the “Group”) has been notified by The Bank of New York Mellon (“BNY”) on its resignation as depositary for the Dutch X5 Retail Group N.V.’s depositary receipts (DRs) programme. The information has been disclosed on the official web-site of X5 Retail Group N.V.
As is stated in X5 Retail Group N.V.’s announcement, the latter is currently assessing the consequences of BNY’s resignation as depositary, including the Company’s ability to appoint a successor depositary, as well as the implications for the listing of the DRs and their continued admission to trading on the London Stock Exchange and Moscow Exchange.
The Company notes that the status of the depositary receipts programme of X5 Retail Group N.V. does not affect the ongoing process of distributing shares of X5 Corporate Centre LLC among DR holders and beneficiaries of X5 Retail Group N.V. According to the announcement from X5 Retail Group N.V., the DR programme cannot be terminated earlier than 18 December 2024. Thus, termination of the programme will happen after the distribution of the Company’s shares is completed, expectedly in September 2024. Additionally, both holders of the DRs and direct holders of X5 Retail Group N.V. shares (the rights to which are certified by the DRs and which investors will receive in place of the DRs if the DR programme is terminated) may participate in the distribution of the Company’s shares.
The process of distributing the Company’s shares is being carried out in accordance with Russian Federal Law No. 470-FZ dated 4 August 2023 (the “Law”) and the decision of the Commercial Court of the Moscow Region to suspend the corporate rights of X5 Retail Group N.V. in the Company. As required by the Law, the Company will be transformed into a public joint-stock company, followed by its listing on Moscow Exchange. X5 LLC aims to notify all shareholders promptly and transparently about further steps that will be taken in order to comply with the Law.