Dutch group X5 plans to withdraw its receipts from the London Stock Exchange

Under UK listing rules, X5 Group must give at least 20 business days’ notice of its plans before delisting. So, as the company suggests, the delisting could take effect no earlier than October 1. And the company does not need shareholder approval to do so.

The group’s board of directors decided to withdraw from the list after Bank of New York Mellon (BNY) abandoned its custodian duties under the RDA program.

The delisting process may be triggered if a successor custodian is not appointed by Sept. 18, the company said.

X5 Group had been trying to appoint a successor since receiving the bank’s notice, but realized it would be easier to appoint one subject to the delisting.

At the same time, the company prefers to maintain the RDA program, even without being listed on the stock exchange, rather than limit it altogether.

The group’s statement stressed that these notes have not been actively traded for almost 30 months. And the delisting will not have a significant impact on trading opportunities for holders of these securities.

X5 Retail Group NV is the former holding company of X5 Group, which operates the Pyaterochka, Perekrestok and Chizhik retail chains.

The Dutch company’s rights to its Russian subsidiary have been suspended; the Ministry of Industry and Trade’s application was accepted by the court in April 2024. Now the assets of the X5 Group are managed by PJSC “Corporate Center ICS 5”.

In Russia, there is a law (No. 470-FZ of August 4, 2023) according to which the court, at the request of the Ministry of Finance, the Ministry of Industry and Trade or the Ministry of Energy, can unilaterally exclude representatives of “hostile” countries from ownership. This applies only to economically significant organizations, which includes X5.