The Bank of Russia has updated the decision related to Norilsk Nickel’s share issuance, with official notice referenced to the company itself.
Under the new arrangement, one ordinary share with a nominal value of 1 ruble will be converted into 100 ordinary shares, each carrying a nominal value of 0.01 rubles. The conversion will be executed in line with the registrar’s records, the registrar being the entity that maintains the Norilsk Nickel share register on the conversion date.
Norilsk Nickel stated that the conversion in line with the EGM decision will take place on the tenth business day from the date the changes are state-registered, continuing until the issuance decision is finalized on April 4, 2024. This scheduling reflects the formal process outlined by the company and its regulators. (Source: Bank of Russia)
The move to transform the share structure was approved by Norilsk Nickel’s shareholders at an extraordinary meeting. The goal behind the transformation is to boost the stock’s appeal to Russian investors and to enhance liquidity on the Moscow Stock Exchange, aligning with broader access and trading dynamics in the domestic market.
As part of the transition, trading of Norilsk Nickel shares on the Moscow Exchange will be temporarily suspended from April 4 to April 7 to accommodate the split and the subsequent reallocation of share units. (Source: Bank of Russia)
Meanwhile, the Moscow Exchange Index (IMOEX) rose above 3200 points in January, marking the first time since November that the benchmark surpassed that level, a signal of improving market sentiment during the period.
Earlier developments had mentioned petitions related to the possibility of bankruptcy within the St. Petersburg Stock Exchange, noting that the surrounding market infrastructure and regulatory framework are continually evolving as part of ongoing oversight and reform efforts. (Source: Bank of Russia)”