TCS Group announced the delisting of receipts from the London Stock Exchange from January 31

TCS Group (the parent structure of Tinkoff Bank) plans to delist its global depositary receipts (GDRs) from the London Stock Exchange (LSE) from January 31, 2024 , the company said in a statement.

“TCS Group Holding PLC requests that the standard listing of the company's global depositary receipts on the official list of the UK Financial Conduct Authority (FCA) and the admission of the GDRs to trading on the LSE Main Listed Securities Market be withdrawn from 8:00 am (London time) on 31 January 2024 (11:00 Moscow time - ),” the message says.

The group notes that trading of TCS Group securities on the London Stock Exchange has been suspended since March 3, 2022 and since then the company has not received any indication of a possible resumption. “Accordingly, the company requests to proceed with delisting in order to avoid the ongoing expenditure of time and resources required to maintain a listing on the LSE,” the press service clarified.

In March 2023, after the introduction of EU sanctions against Tinkoff, the chairman of the bank's board Stanislav Bliznyuk said that TCS Group began to study the possibility of re-registering its business from Cyprus to RUSSIA. In November, TCS Group shareholders at the annual general meeting approved the new composition of its board of directors and significantly changed the charter. Thus, for key decisions a quorum of two directors is now sufficient instead of four, and the minimum size of the board has been halved to two people.

Lawyers interviewed by RBC noted that changing the charter of TCS Group could simplify the procedure for changing the place of registration of a legal entity. According to Forward Legal lawyer Maxim Ignatov, although the change in the TCS Group charter is not directly aimed at redomiciliation, reducing the quorum can simplify this from a technical point of view.

After the outbreak of the conflict in Ukraine , belonging to jurisdictions unfriendly to Russia became a problem for some Russian companies: for example, they cannot transfer dividends to non-resident shareholders or funds from operating companies in favor of the parent. Moscow condemns and considers Western sanctions illegal .

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