Etalon Announces Intention to Cancel LSE Listing

Etalon Group PLC

18 July 2023

 

18 July 2023

Etalon Group Announces Intention to Cancel Listing on London Stock Exchange

ETALON GROUP PLC ("Etalon Group" or the "Company"), one of Russia's largest and longest-established development and construction companies, announces its intention to cancel the listing of its global depositary receipts (GDRs) on the London Stock Exchange (LSE). The decision was taken on 17 July 2023 at a meeting of the Company's Board of Directors.

Etalon Group has been listed on the Main Market of the London Stock Exchange since 2011. In connection with the suspension of trading in the Company's depositary receipts from 3 March 2022, Etalon Group requested that the UK Financial Services Authority (FCA) cancel the listing of the Company's GDRs, issued under Regulation S (ISIN US29760G1031) and Rule 144A (ISIN US29760G2021), and that the London Stock Exchange cancel the admission of the GDRs to trading on the Main Market of the London Stock Exchange.

In accordance with Listing Rule 5.2.8, 16 August 2023 will be the last day the GDRs are listed on the London Stock Exchange. Therefore, the LSE Listing Cancellation becomes effective as of 8:00 a.m. (London time) on 17 August 2023.

In July 2023, the Bank of Russia decided to register a prospectus for the Company's GDRs in accordance with Regulation of the Bank of Russia No. 714-P of 27 March 2020 and Directive of the Bank of Russia No. 5951-U of 29 September 2021 and to allow Etalon Group's GDRs to be publicly traded in Russia. Therefore, the Company completed the process of changing the basis for its listing on Moscow Exchange. Following the LSE listing cancellation, the Company will maintain its GDR listing on the regulated market of Moscow Exchange.

The GDR programme remains in force and is operational. GDR holders may exercise their rights under this security in full.

This and other announcements are available on the Etalon Group website: https://www.etalongroup.com/investor-relations/investor-news/.

Contact information

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About Etalon Group

Founded in 1987, Etalon Group is one of Russia's largest development and construction companies. The Company focuses on middle class residential real estate in the Moscow and St Petersburg metropolitan areas. In 2021, the Company began a regional expansion programme and has already launched new projects in Omsk, the Novosibirsk region, Ekaterinburg, Tyumen and Kazan. With a 35-year history, Etalon Group has one of the longest and most successful track records in the Russian real estate industry. Since its foundation, Etalon Group has delivered 8.6 mln sqm of real estate.

Thanks to its integrated business model, Etalon Group is able to create added value for customers and shareholders at every stage of development, from land plot analysis and acquisition to the operation and maintenance of existing properties. Etalon Group employs more than 5,800 people, and its nationwide sales network covers 35 regions of Russia.

Etalon Group's assets comprise 38 projects at the design and construction stages, unsold inventory at completed residential complexes and commercial properties, with total unsold NSA of 6.4 mln sqm, as well as a construction and maintenance division. According to Nikoliers, the value of Etalon Group assets as of 31 December 2022 was RUB 288 billion.

In 2022, Etalon Group's new contract sales totalled 292 ths sqm, or RUB 58.7 billion, not including accumulated new contract sales at YIT Russia as of its acquisition.

The Company's revenue in 2022 amounted to RUB 80.6 billion, with EBITDA of RUB 16.5 billion.

Etalon Group's GDRs have been listed on the Main Market of the London Stock Exchange since 20 April 2011 (under the ticker ETLN) and included in the Level 1 quotation list of Moscow Exchange since 31 January 2020. In July 2023, the Company completed the process of changing the basis for its listing on Moscow Exchange.

 

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