About 100 minority shareholders of the Dutch company Yandex NV, who did not receive securities from the Russian company Yandex as part of the exchange, appealed to the Moscow Arbitration Court, writes Vedomosti.
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About 100 minority shareholders of Yandex NV filed a lawsuit against the new owners of Yandex
On July 10, retail investors filed a lawsuit against Solid Fund Management Company, which is the manager of the closed-end mutual fund consortium. First, its shareholders act as beneficiaries of a domestic IT company.
The plaintiffs demand that the closed-end mutual fund be obliged to exchange the Yandex NV Class A ordinary shares it holds for Yandex securities in a 1-to-1 ratio, or to buy them back at the market price of 4,250 rubles per share.
Investors valued their total portfolio of Yandex NV securities at about 6.5 billion rubles.
On May 13, Solid Management offered minority shareholders of Yandex NV to buy back ordinary Class A shares from them at 1,251.8 rubles per share or exchange them for shares of Russian ICPJSC Yandex in a 1 to 1 ratio. Only Yandex NV shareholders who purchased securities on the Moscow and St. Petersburg Stock Exchanges or managed to credit them to accounts with Russian depositories before November 30, 2023 could participate in the process.
The exchange and repurchase offer did not apply to investors who hold shares in foreign depositaries or who are subject to blocking sanctions from foreign states. Also, US investors and those foreigners who did not have the necessary permits to participate in the offer did not receive the offer.
Investors who filed a claim against the new owners of Yandex purchased securities through Russian brokers, but the shares were not transferred to domestic depositories before the deadline, as it was set retroactively.
- The exchange settlements were completed on July 9. Investors on the Moscow Exchange exchanged 42.4 million shares worth 180.3 billion rubles, on the St. Petersburg Exchange – 1.42 million securities, or about 99% of the total number of Yandex NV shares purchased through this platform.
- In late June, minority shareholders of Yandex NV asked the Bank of Russia to check the conditions of the exchange and repurchase of shares of the Dutch company. They called the terms of the agreement discriminatory. The Central Bank found no signs of violations.
Author:
Anastasia Marina
Source: RB
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