ROS AGRO PLC announces that the Ministry of Agriculture of the Russian Federation appealed to the arbitration court on suspension of corporate rights of foreign holding company in relation to Rusagro Group PJSC
ROS AGRO PLC (hereinafter referred to as the "Company") announces that an application to the Arbitrazh Court of the Moscow Region was submitted by the Ministry of Agriculture of the Russian Federation to suspend an exercise of Company's corporate rights in relation to its Russian subsidiary Rusagro Group PJSC (hereinafter referred to as the "Subsidiary").
Based on the provisions of the Russian Federal law No. 470-FZ dated 4th August 2023 "On the specifics of regulating corporate relations in business entities that are economically significant organizations" (hereinafter referred to as the "Law"), consideration of the claim after its acceptance for proceedings by the court must take at least five days and no more than one month from the date of acceptance of the claim.
If the Court satisfies the claim of the Ministry of Agriculture of the Russian Federation, the exercise of corporate rights of ROS AGRO PLC in relation to the Subsidiary will be suspended, the Company will lose the ability to vote at shareholders' meetings and dispose of shares of the Subsidiary, as well as qualify for dividend payments. In turn, the shareholders of ROS AGRO PLC will have the opportunity for Subsidiary's shares distribution proportionally to their indirect share in the capital of Rusagro Group PJSC.
More detailed explanations of the Court's decision possible consequences for all interested parties are contained the text of the Law.
ROS AGRO PLC will continue to analyze the situation and take all necessary actions to protect shareholders' rights. The Company will report on the progress of the judicial proceedings and further developments in the public space.
Rusagro Group's assets will operate in a standard mode.