Global Ports announces intention to delist GDRs and terminate GDR program

08 February 2023

Global Ports Investments PLC (the "Company" and together with its subsidiaries, the "Group") hereby announces that it intends to request the Financial Conduct Authority (the "FCA") to cancel the standard listing of the Company’s global depositary receipts (Regulation S GDRs ISIN US37951Q2021; Rule 144A GDRs ISIN US37951Q1031) (the "GDRs") on the FCA’s Official List, and to request the London Stock Exchange (the "LSE") to cancel the admission of the GDRs to trading on the LSE’s main market for listed securities with effect from 8:00 a.m. (London time) on 10 April 2023 (the "Delisting").

The Company also intends to deliver a notice to JPMorgan Chase Bank, N.A., as depositary for its GDR program (the "Depositary") in order to terminate the GDR deposit agreement dated 28 June 2011 between the Company and the Depositary (as amended) (the "GDR Deposit Agreement") on 10 April 2023 (the "Termination"). Capitalised terms used but not defined herein shall have the meaning given to them in the GDR Deposit Agreement.

The shareholders of the Company will, at the Extraordinary General Meeting of the Company to be held at Omirou, 20, Agios Nikolaos, 3095, Limassol, Cyprus on 2 March 2023 at 8 am (Cyprus time), consider and vote on a resolution to approve the redomicilation of the Company from Cyprus to Russia by way of continuation as a body corporate under the laws of the Russian Federation (the "Continuation"). As the majority of the Group’s terminals and all of its cash generating operations are located in Russia, the Company considers that the Continuation would simplify its management structure and cash flow management.

If the Continuation is approved, the Company will become a Russian company and, in such event, would be required to terminate its GDR program in order to ensure compliance with applicable provisions of Russian legislation which prohibit the circulation of depositary receipts representing shares of Russian companies outside Russia and require the termination of existing depositary receipt programs. Accordingly, the Company intends to implement the Termination and the Delisting.

Prior to the Termination, Holders may cancel their GDRs and, subject to the payment of surrender fees and otherwise in accordance with the GDR Deposit Agreement, receive the relevant number of Shares represented by the GDRs they hold. If any GDRs remain outstanding after the Termination, the Depositary will (i) cancel all outstanding GDRs, (ii) instruct the Custodian to deliver all Deposited Property to the Company, and (iii) provide the Company with a copy of the Register reflecting the owners of the GDRs as known by the Depositary, whereupon the Company shall, as soon as reasonably practicable, deliver appropriate documentation to each person reflected on the Register, evidencing the transfer to such person of the Deposited Property previously represented by the GDRs reflected on such Register. After the Termination, the Depositary will not perform any further acts under the GDR Deposit Agreement except as described above, and, for the avoidance of doubt, no deposits of Shares into the GDR program will be accepted.

Global Ports Investments Plc. press release