MRSK Holding Today Lists on London Stock Exchange
OREANDA-NEWS. December 9, 2011. The Company may apply for admission of further GDRs within 12 months after 5 December 2011 (the date of the Prospectus).
MRSK Holding (the “Company”), the largest electricity distribution company in Russia, announces that its Global Depositary Receipts (“GDRs”), each representing 200 ordinary shares of the Company, will be admitted today to the Official List of the UK Financial Services Authority (the "Official List") and to trading on the regulated market of the London Stock Exchange (the "LSE") under the symbol MRSK (the "Listing "). The Bank of New York Mellon is a depositary bank for the Company's GDRs programme.
Nikolay Shvets, CEO of MRSK Holding, commented:
“One of our priorities is to create conditions for attracting investments into the Russian electricity distribution system. Listing on the London Stock Exchange creates new opportunities for increasing the liquidity in our securities, as well as for the expansion and diversification of our investor base. Listing in London is an important milestone in our history.”
About MRSK Holding
MRSK Holding is the largest electricity distribution company in Russia and, the Company believes, one of the largest electricity distribution companies in the world by length of distribution lines and installed transformer capacity. MRSK Holding holds interests in and manages 11 interregional and five regional distribution grid companies in Russia.
As at 31 December 2010, MRSK Holding together with its subsidiaries owned and operated approximately 2.1 million kilometres of electricity distribution lines with a total installed transformer capacity of approximately 402 GVA.
Through its subsidiaries, the Company operates in 69 regions of Russia, covering an area of approximately 7.7 million square kilometres occupied by approximately 85 percent of Russia's total population according to Rosstat.
The Russian Federation holds 53.69 percent of MRSK Holding's total share capital. Gazprom through its subsidiaries owns 10.04 percent of the Company’s total share capital, and other legal entities, nominee shareholders and individuals hold the remaining 36.27 percent in MRSK Holding.
MRSK Holding is included in the MSCI Russia Standard Index, MSCI Russia Mid Cap Index and MSCI Russia IMI Index.
Details of the Listing
There is no offering of the Company's GDRs or shares in any jurisdiction in connection with the Listing.
The GDRs are issued pursuant to the Regulation S and Rule 144A Deposit Agreement dated 23 January 2009, as amended.
A total of 42,964,067 GDRs will be admitted to the listing on the Official List and to trading on the LSE, including 251,891 GDRs currently outstanding and up to 42,712,176 additional GDRs to be issued from time to time. The total number of GDRs to be admitted to trading on the LSE represents 8,592,813,400 ordinary shares of the Company or approximately 20 per cent. of the total number of the Company's ordinary shares currently outstanding.
The Company may apply for admission of further GDRs within 12 months after 5 December 2011 (the date of the Prospectus). Only the Company's ordinary shares that are in existence as at 8 December 2011 (the date of the Listing), and new Shares issued within the 12 months after the date of the Prospectus can be deposited for GDRs. New ordinary shares of the Company issued more than 12 months after the date of the Prospectus cannot be used as deposits for GDRs. For GDRs to be issued against such new ordinary shares, the Company will be required to produce a prospectus approved by the UKLA to enable such new ordinary shares of the Company to be deposited against GDRs.
MRSK Holding's ordinary shares are currently listed on quotation list "B" of the Russian Trading System (RTS) and quotation list "A-1" of the Moscow Interbank Currency Exchange (MICEX).