LUKoil obtains full listing on London Stock Exchange
LUKoil, a Russian oil giant, obtained a full listing on the London Stock Exchange via admission to the Official List of the UK Listing Authority (UKLA), the company's press service reported. LUKoil has listed the whole of its ordinary shares and its Level 1 American depositary receipts (ADRs). The company's shares will freely trade on the London Stock Exchange in the form of ADRs. The price at which the ADRs began trading on August 6 was US$55.00 per ADR. Morgan Stanley & Co. International Limited acted as LUKoil's listing sponsor.
As it was reported earlier, the company's stocks were already listed on the London Stock Exchange. However, the company's high-yield convertible premium bonds along with its GDRs were listed only as "special securities". As the first Russian company to obtain a full listing, LUKoil should comply with the requirements that are tougher than those it currently meets as a share issuer. The new requirements envisage a broader disclosure of information on the LUKoil Group's activities and reporting on a regular basis to its shareholders.
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