The conditions for the exchange and repurchase of Yandex NV shares are known

The company’s press release, cited by RBC, talks about the possibility of exchanging or selling Yandex NV shares registered in Russian deposits.

“Opportunities to monetize such shares in the future may be limited due to the planned delisting of Yandex NV shares from the Moscow Stock Exchange, as well as current and potential foreign restrictions on the Russian financial infrastructure,” the company notes.

Closed mutual fund “Consortium. First” intends to receive no more than 107,729,866 shares of Yandex NV as a result of the buyback and exchange.

Transaction conditions for different groups of investors

• The securities of the Dutch holding company purchased on the Moscow Stock Exchange and the St. Petersburg Stock Exchange can be exchanged in a 1:1 ratio. Exchange requests will be accepted by the specified platforms, collection starts no later than May 16 and will last until June 21 at 15:00 Moscow time. Application acceptance date is July 8, 2024, settlement date is July 9, 2024;
• Yandex NV shares, which were purchased on other exchanges, were transferred to Russian depositories until September 7, 2022 inclusive and were continuously located in a securities account and can also be redeemed at an exchange ratio of 1:1 ; This category of investors may participate in an over-the-counter purchase;
• Shares of the Dutch company Yandex NV, which were not purchased on the Moscow Stock Exchange or the St. Petersburg Stock Exchange, but were transferred to Russian depositories before November 30, 2023, can be exchanged at a price 1251.8 rubles one piece.

The collection of applications to participate in the exchange and exchange outside the window will begin on May 13 and will last until May 31 at 16:00 Moscow time. Acceptance of applications – from May 13 to June 9, 2024.

Participants in an over-the-counter exchange or repurchase must transfer Yandex NV securities to the deposit account of the Closed Mutual Fund Pool. First”. The transfer period will be 10 days from the day of acceptance of the application.

The transfer of shares of MKPAO “YANDEX” will be carried out within 15 business days from June 21. During the same period, participants will receive funds.

• In February 2024, after lengthy negotiations and consideration of various restructuring scenarios, it became known that the Dutch Yandex NV was selling the Yandex business for 475 billion rubles to a consortium of private investors;
• As a result of the transaction, the assets will be received by the new parent company of Yandex (MKPAO Yandex), registered in a special administrative region of the Kaliningrad region;
• Starting May 15, the Moscow Stock Exchange will admit MKPAO Yandex shares for trading. They will be traded on the first quote list, trading code: YDEX.