CIAN PLC has received a notification from The Bank of New York Mellon on the termination of its powers as a depository bank under the company's depositary receipt program. This is stated in the company's message.
In accordance with the depositary agreement dated November 4, 2021 regarding the program and the notification, the company must appoint a new depositary by August 19, 2024. In the event that a new depository is not appointed, in accordance with the depository agreement, The Bank of New York Mellon will terminate the program. If we assume that The Bank of New York Mellon's notice of termination of the program will be sent to the company on August 19, 2024, then this will mean that the earliest date of termination of the program will be November 19, 2024.
Currently, CIAN is assessing the consequences of The Bank of New York Mellon's refusal from its duties as a depository and intends to continue to protect the interests of holders of depositary receipts. The company aims to appoint a new depository bank on time and will make the necessary announcements in due course, the message says.
CIAN is an online real estate advertising platform. The company is represented throughout Russia.
