Frequently asked questions
- Equity ownership
- General questions
- What is the size of Moscow Exchange's authorised capital?
Moscow Exchange's authorised capital as of 1 June 2016 is RUB 2,278,636,493 in the form of 2,278,636,493 ordinary registered shares.
- Are there any preferred shares issued by Moscow Exchange?
Currently not. All outstanding shares are ordinary.
- What is my stake in the company's authorised capital?
To determine your stake as a percentage, divide number of shares you own by the total number of shares (2,278,636,493) and multiply the result by 100.
- What is the shares' par value?
The par value of one ordinary share is RUB 1.
- May I buy the shares at par value?
No. The shares are traded at their market price, which changes every day subject to numerous factors.
- What stock exchanges list the shares?
Moscow Exchange's shares are traded on the MICEX SE, which is the organiser of trading and a fully owned subsidiary of Moscow Exchange.
- What's the ticker symbol for Moscow Exchange shares?
Moscow Exchange shares are listed under the ticker MOEX.
- Why did I not take physical possession of the shares after buying?
According to the Federal law "On the securities market", registered securities may only be book entry. Moscow Exchange Shareholders own book entry securities.
- What document proves ownership?
The following documents confirm Moscow Exchange equity ownership:
- An extract from the Moscow Exchange shareholder register, which may be obtained from STATUS Registrar Society (the registrar) at Novorogozhskaya St 32-1,109544 Moscow, Russia, telephone +7 495 974-83-50,fax +7 495 678-71-10or at its branches, if the registrar keeps a record of the shares owned by the shareholder.
- An extract from the securities account at the depositary with which the shareholder has a depositary agreement, if the depositary keeps a record of the shares owned by the shareholder.
- How may I find out how many shares I own?
You may receive information on the number of shares that you own:
- By requesting an extract of the register of Moscow Exchange shareholders (for shareholders whose shares are in the register). The Moscow Exchange shareholder register is kept by STATUS Registrar Society. For more information about the registrar, please visit its website at http://rostatus.ru/;
- By requesting an extract of the securities account with the depositary with which you have signed a depositary agreement (for shareholders whose shares are kept with the depositary).
- What is the procedure for buying/selling shares?
Moscow Exchange shares are traded on the MICEX SE, which is the organiser of trading.
The shares maybe bought via any broker.
To sell the shares, you may contact the broker with which you have a brokerage agreement.
- At what price may I buy/sell company's shares?
Shares of Moscow Exchange are traded at the market price, which changes every day subject to various factors. You may set your buying/selling price through the broker; it should be close to the current market quotes for a successful trade.
- Where may I find current quotes and price trends for the shares?
Data on current market prices and price trends for Moscow Exchange shares is available on the exchange's website at http://moex.com/en. You may also obtain relevant information and recommendations on buying/selling the stock from your broker.
- Is there any limit to the number of shares of the MOEX that an individual or corporation can buy?
No. You can buy an unlimited number or MOEX's shares.
- Where can we see MOEX's financial information?
- Information for shareholders whose shares are recorded with the registrar (i.e. the shares are recorded as belonging to the shareholder in the shareholder register)
If you are not a client of the registrar (your shares are recorded on a depo account with the depositary), you may obtain information on the rules for depositary and brokerage services from your broker.
- Which company is the specialised registrar keeping the register of Moscow Exchange shareholders?
Status Registrar Society is the specialised registrar keeping the register of Moscow Exchange shareholders.
Registrar contact details:
Full name: CJSC Status Registrar Society
Short name: Status
Located at: Novorogozhskaya St 32-1,109544 Moscow, Russia
Correspondence address: Novorogozhskaya St 32-1,109544 Moscow, Russia
Telephone:+7 (495) 974-83-50,974-83-45
Fax:+7 (495) 678-71-10
Primary state registration number (OGRN):1027700003924
Taxpayer ID (INN) — 7707179242
Tax Registration Reason Code (KPP) — 770901001
Settlement account — 40702810038000130538
Opened with the Moscow branch of Sberbank of Russia
Correspondent account — 30101810400000000225
BIC — 044525225
License no. 10-000-1-00304for register keeping issued for an unlimited period of time by the Federal Financial Markets Service on 12 March 2004.
For further information on the registrar's branch network, services, and fees, please visit its website at http://rostatus.ru/.
- Do I have to pay for the registrar to keep my shares?
No, Status keeps Moscow Exchange shares free of charge.
- Do I have to pay for extracts from the register?
The registrar charges in accordance with its price list for operations with, and/or providing information from, the register. The registrar sets its prices within limits set by regulatory acts of the federal executive body for the securities market.
The registrar's price list is available on its website.
- How can I obtain an extract from the register?
If you require information from the register regarding your account, you should instruct the registrar to provide it to you, and make payment. The form of instruction and the price list are available on the website).
The services may be paid for in cash (at the registrar's cash desk) or by bank transfer to the registrar's settlement account. Accepted as proof of payment are the original or a copy of the bank payment order, a postal transfer receipt, or a bank payment receipt.
If the service has not been paid for by the execution date, the registrar may reject the request.
The instruction to the registrar to provide information from the shareholder register, along with the proof of payment, should be submitted in one of the following ways:
- Delivered to the registrar personally.
- Posted to Novorogozhskaya St 32-1,109544 Moscow, Russia.
- Submitted to a branch of the registrar (a list of branches is available on the website).
- How can I pay for extracts from the register and/or operations with shares in the registry?
The services may be paid for in cash (at the registrar's cash desk) or by bank transfer to the registrar's settlement account.
Bank details for payment for registrar services:
Taxpayer ID (INN) — 7707179242
Tax Registration Reason Code (KPP) — 770901001
Settlement account — 40702810038000130538
Opened with the Moscow branch of Sberbank of Russia
Correspondent account — 30101810400000000225
BIC — 044525225
- I am a Moscow Exchange shareholder. Why did the registrar fail to provide me with an extract from the register proving equity ownership?
Most Moscow Exchange shareholders did not open individual security holder accounts in the company's register to record equity ownership, but are serviced by depositaries. Such shareholders record and keep their Moscow Exchange shares on a depo account with the depositary with which they have a depositary agreement. Thus, a depo account statement from the relevant depositary is proof of equity ownership for such shareholders.
- I wish to open an individual account in the Moscow Exchange shareholder register. What should I do?
To open an individual security holder account in the company's shareholder register, you should submit the following documents to Status (the registrar):
- A registered person application (available on Status's website). Please specify the goal "открытие лицевого счета" ("opening an individual security holder account").
- Confirmation of payment for opening an individual security holder account.
You should sign the application in the presence of an authorised representative of the registrar or certify your signature with a notary. Applications from persons who are not legally competent or under 14 must be signed by a representative in law. Individual shareholders from ages 14 to 18 years must sign the questionnaire in the presence of an authorised representative of the registrar or certify their signature with a notary. The service may be paid for in cash (at the registrar's cash desk) or by bank transfer to the registrar's settlement account. Accepted as proof of payment are the original or a copy of the bank payment order, a postal transfer receipt, or a bank payment receipt. Where documents for opening an individual security holder account are submitted by post, a notarised copy of all ID pages with any records must also be provided.
- My ID details/address/bank details (for receiving dividends) have changed. Should I inform the registrar?
Yes. This is required for several reasons:
- You will need to provide your ID to register for participation in the company AGM. If the details on your ID and in the shareholder register differ, you will not be identified as a company shareholder, and thus will not be able to participate in the AGM or vote on agenda items.
- If your address has changed and you have failed to inform the registrar, you will not receive notifications from Moscow Exchange or AGM voting ballots.
- Dividends are paid by postal transfer to the address indicated in the registered person application made to the registrar, or by bank transfer to the account indicated in the application (if the shareholder requested so). You will not be able to receive dividends until you inform the registrar about any changes to your bank details.
- What should I do if my passport details/address/bank details change?
If your details change, you should submit the following documents to the registrar (Status):
- A newly completed registered person application form (available on Status's website). Please specify the goal "внесение изменений в информацию лицевого счета" ("making changes to individual account details");
- Identification (to be submitted to the registrar);
- Confirmation of payment for opening an individual security holder account.
You should sign the application in the presence of an authorised representative of the registrar or certify your signature with a notary. Applications from persons who are not legally competent or under 14 must be signed by a lawful representative. Individual shareholders aged 14 to 18 years must sign the questionnaire in the presence of an authorised representative of the registrar or certify their signature with a notary. Payment for the Registrar's services of opening an account of a registered account holder are payable according to the registrar's price list (STATUS's price list is available on its website: http://rostatus.ru). The fee may be paid for in cash (at the registrar's cash desk) or by bank transfer to the registrar's settlement account. Accepted as proof of payment are the original or a copy of the bank payment order, a postal transfer receipt, or a bank payment receipt. Where documents for opening an individual security holder account are submitted by post, a notarised copy of all ID pages with any records must also be provided. Where documents are substituted to verify the identity, the Registrar should be provided with the certificate issued by the agency that undertook the replacement, or a copy of the new document verifying identity, with a notation regarding the previous document.
- General Meeting of Shareholders
- When does Moscow Exchange hold Annual General Meetings?
The AGM is held between 1 March and 30 June, as required by the Federal Law "On Joint Stock Companies" and Moscow Exchange's Articles of Association. The exact date is determined by the Supervisory Board.
- Where are Moscow Exchange's AGMs held?
Pursuant to provisions of the Federal Law "On Joint-stock Companies" and Moscow Exchange's Articles of Association, Moscow Exchange shareholders meet at a place determined by the Supervisory Board. Meetings are required to be held in places where the company has representation, and Moscow Exchange shareholders meet in Moscow.
- What issues are addressed at the AGM?
The agenda should cover the following issues:
– Election to the Supervisory Board.
– Election to the Revision Commission.
– Approval of an auditor.
– Approval of the annual report.
– Approval of annual financial statements, including P&L,
– Distribution of profit (including payment (declaration) of dividends) in accordance with the fiscal year's results.
The AGM participants may consider other issues under their mandate at the meeting. The attendees usually approve related party transactions. If necessary, they also approve amendments to the Articles of Association and internal documents regulating the operations of Moscow Exchange's corporate management bodies.
- How do shareholders determine the form of the AGM?
The Supervisory Board determines the form of the shareholder meeting when deciding on calling the meeting.
The AGM should be in presentia. Issues relating to election to the Supervisory Board or Revision Commission, approval of a company auditor, approval of annual reporting and financial statements, and/or distribution of profit, must be discussed in presentia (not in absentia).
The Supervisory Board may invite shareholders to meet in presentia to adopt resolutions on other issues depending on the importance the issues to shareholders.
- When do Moscow Exchange shareholders hold Extraordinary General Meetings?
Any meeting of shareholders held in addition to the AGM is deemed an extraordinary general meeting of shareholders (EGM).
An EGM may be convened at the request of the Revision Commission, the company auditor, or shareholders (a shareholder) who own at least 10% of the company's voting shares as of the date of the request. An EGM may be held at the behest of the Supervisory Board on its own initiative. General meetings are usually initiated by the Supervisory Board.
- How are Moscow Exchange's shareholders notified of General Meetings of Shareholders?
Announcements of forthcoming general meetings should be made at least 30 days prior to the meeting date, unless the Federal Law "On Joint Stock Companies" provides for a longer term.
The announcement of forthcoming general meetings should be communicated to each person on the list of persons entitled to attend the general meeting by registered mail or published on the exchange's website at http://moex.com.
Moscow Exchange also provides information on general meetings in the form of corporate action notices in its news feed and on its website.
Information on the meeting date and venue are also included on the ballot paper sent to shareholders. The ballot paper should be delivered no later than 20 days prior to the date of the meeting, by registered mail or signed delivery.
- Who is entitled to place items on the general meeting agenda?
Shareholders (a shareholder) owning a total of at least 2% of voting shares are entitled to place items on the AGM agenda. As stated in the Articles of Association, such agenda item proposals should be filed no later than 60 days after the end of the fiscal year.
Shareholders (a shareholder) owning at least 10% of Moscow Exchange voting shares, members of the Revision Commission, or the company auditor may initiate an EGM and propose agenda items.
- Can minority shareholders nominate Supervisory Board candidates?
Pursuant to provisions of the Federal Law "On Joint Stock Companies", Supervisory Board members are elected at the AGM from a list of candidates nominated by shareholders (a shareholder) holding a total of at least 2% of voting shares, meaning that minority shareholders may consolidate their blocks of shares to propose joint candidates for election.
- Where are materials relating to shareholder meetings available?
General meeting materials are available for shareholders to read at Moscow Exchange's office at 13 Bolshoy Kislovsky Per., Moscow, Russia. Materials are available at least 20 days prior to the meeting date. Starting from 1 January 2014, materials are also sent to nominee holders registered in the Moscow Exchange shareholder register. These holders should then bring the materials to the attention of their depositors.
Moscow Exchange recently began publishing general meeting materials on its website.
- If I buy a share of Moscow Exchange, am I entitled to participate and vote at the General Shareholders' Meeting?
Yes. Every share of the MOEX is entitled to one vote at the General Shareholders' Meeting.
- Do shareholders (or their representatives) need to attend meetings in person?
Shareholders (or their representatives) do not need to attend AGMs (or any other meetings held in the form of joint attendance) in person. In accordance with Moscow Exchange's Articles of Association, shareholders who have registered to attend the meeting, and also shareholders whose ballot papers were received at least two days prior to the date of the general meeting, are deemed to have attended the general meeting.
- May a proxy document to vote at the shareholder meeting be in simple written form, or does it need to be certified by a notary?
A proxy document needs to be notarised.
- If a shareholder acquired shares after the list of persons eligible to attend the general meeting was drawn up, may that shareholder attend the meeting?
A shareholder who purchased shares after the list of shareholders eligible to attend the meeting was drawn up may attend by power of attorney from the person included on the list (the previous owner of the shares) who has the right to participate in the general meeting. The shareholder may instruct the previous owner who is included on the list to vote at the meeting if the share transfer agreement provides for this.
- I have not received a ballot paper to vote at the general meeting. What might be the reason and what should I do to vote?
Ballot papers are sent to shareholders at the address indicated in the shareholder register. If you have not received your ballot papers, please check the postal address details with the depository/registrar that keeps records of your shares.
If shareholders meet in presentia, you may attend the meeting in person. Upon registration for the meeting, you will receive a replacement ballot paper. When the meeting is held by absentia voting, you may request a ballot paper from the depository/registrar that keeps records of you shares. The depository/registrar provides you with a ballot paper (marked as a replacement).
- How does Moscow Exchange communicate AGM voting results to its shareholders?
In accordance with provisions of the Federal Law "On Joint Stock Companies" and Moscow Exchange's Articles of Association, resolutions adopted at general meetings are announced at the meeting and communicated to those included on the list of persons eligible to participate in the meeting no later than 10 days from the date of creating the report on the voting results.
Starting from 1 July 2014, the report on the voting results should be dispatched to persons eligible to participate in shareholder meetings. If a nominee holder is registered in the shareholder register as of the date of drawing up the list of eligible attendees, the voting results report is dispatched to nominee holders in electronic format. The nominee shareholder then communicates the report to depositors.
Moscow Exchange also discloses information on general meeting resolutions in the form of corporate action notices in its news feed and on its website.
- What are dividends?
Dividends are part of a joint stock company's net profit, distributed among shareholders in accordance with number of shares they own. Net profit is profit after taxes. It is determined in the company's financial statements.
- Do all shareholders get equal dividends?
The dividend per ordinary share is the same for all shareholders.
- Does the share price influence the dividend size?
- Who makes the decision to pay dividends?
The AGM attendees decide whether dividends are to be paid, and if so, on the size and form of payment.
- Who is eligible to receive dividends?
Persons or entities eligible to receive dividends are those who owned shares or executed rights assigned to the shares in accordance with federal law, as of the end of the operating day on the date determined by AGM participants. Only dates proposed by the Supervisory Board can be approved by AGM participants. The record date is set at 10-20 days after the day on which the AGM made the decision to pay dividends.
- Would I receive dividends if I sold shares after the AGM record date for is set?
If the shareholder's meeting decides to pay out dividends, eligible shareholders will be those who own Moscow Exchange shares, or execute rights assigned to the shares in accordance with federal laws, at the end of the operating day on the record date determined by the AGM. You will receive dividends even if you sell shares after the dividend record date determined at the AGM. If you sell shares between the AGM record date and the dividend record date determined by the AGM, dividends for the shares you sold will be paid to the new owner.
- When are dividends paid?
The dividend payment date is determined by the dividend record date. The record date is determined at the AGM with consideration given to the Supervisory Board's recommendations. Dividends are paid no later than 25 business days after the record date. Dividends are paid to a nominee or trust manager registered in the shareholder register no later than 10 business days after the record date.
- How are dividends per shareholder calculated?
The size of dividends paid to each shareholder is calculated by multiplying the number of shares owned at the end of the operating day on the record date determined by the AGM by the dividend per share, minus the tax on the dividend income.
- Where can I receive dividends?
From 1 January 2014, dividends are paid only in a non-cash format, in accordance with law. If an individual shareholder records shares in the Moscow Exchange shareholder register, then dividends are paid by postal transfer to the address indicated in the shareholder's application form held by the registrar, or by bank transfer to the account indicated in the application if so indicated. If a shareholder's shares are recorded on a depo account with a depositary, the dividends are paid to the nominal holder of such shares, who then transfers the dividends to the shareholder's bank account indicated in the shareholder's details held by the depositary. Under law the depositary shall pay its customers as per the following timetable:
- For nominee holders – no later than the next day after receiving the dividends from the issuer
- For clients who are owners – with seven business days.
- What has been the dividend for the past five years?
This information is available in the "Shares" section of the web-site
- I was a shareholder as of the record date, but did not receive dividends. Why?
This may have been due to incorrect or incomplete information (bank account details, taxpayer ID [INN], etc.) kept by the registrar or depositary, as dividends are paid by postal transfer to the address indicated in the registrar's information on the registered person or on the depositary form, or by bank transfer to an account indicated. To clarify the reason, please contact the registrar (if your shares are recorded there) or depositary (if your shares are recorded on a depo account).
- Will dividends be paid out next year?
The decision on whether or not to pay dividends for the most recent financial year is made at the AGM, which is generally held in the spring. (See the Investor Calendar).
- Tax on dividends of individual shareholders
- From what funds does Moscow Exchange use to pay dividends?
Dividends are paid from Moscow Exchange's profit after tax (net income). Net income is determined by the company's consolidated financial statements compiled in accordance with International Financial Reporting Standards for the respective reporting period with the exception of instances that are specifically provided for under the company's dividend policy.
- Are dividends received by individuals from Moscow Exchange subject to tax?
The Russian Tax Code states that dividends received from Russian companies are recorded as income from sources in Russia. Such dividends are subject to personal income tax (NDFL) for both tax residents and tax nonresidents of Russia.
- Who withholds and pays tax on dividends from Moscow Exchange received by individuals?
The Tax Code specifies that Russian companies distributing income to individuals must calculate, deduct from individuals (taxpayers), and pay the relevant tax. Such companies are tax agents. If an individual shareholder records their shares on their security holder account in the Moscow Exchange shareholder register, the individual receives dividends directly from Moscow Exchange. Thus the company, as the tax agent, calculates and deducts the tax on the dividends and transfers it to the tax authority. If an individual shareholder records their shares on a depo account with a depositary, they receive dividends from the depositary, which, acting as a tax agent, calculates and deducts the tax on dividends and transfers it to the tax authority.
- What is the tax rate for dividends?
The tax amount is determined for each taxpayer individually by the rate and procedure set forth in the Tax Code. A 13% tax rate is applicable to dividend income received by individuals who are Russian tax residents. A 15% rate is applicable to individuals who are not tax residents.
For tax non-residents from countries with which Russia has a double taxation treaty, the discounted tax rate for dividends as per the relevant treaty can be applied. The discounted tax rate is applicable when documents are submitted to the tax agent as required by the Tax Code of the Russian Federation.
- What steps should I take if the tax agent has withheld taxes above the rate stipulated in the relevant international treaty?
In the event that the tax agent has withheld taxes above the rate set out in the relevant double taxation treaty, an established procedure may be used to return the excess taxes.
- What documents prove the right of a foreign citizen who is not a tax resident in Russia to be exempt from tax or taxed at a reduced rate for dividends?
Foreign citizens who are not Russian tax residents should provide the following documents to be eligible for the tax rate below 15% on their dividends (as stated in the international double taxation treaty signed by Russia):
- Official confirmation (namely a certificate) of tax residency for the relevant year in a country with which Russia has a current double taxation treaty. The certificate should be issued by the relevant financial or tax authority of the country. The certificate must be given legal status or endorsed with an apostille.
- A notarised translation of the official confirmation into Russian.
These documents must be submitted to the person making the dividend payment and acting as the tax agent.
- I am a foreign citizen living in Russia long term. What tax rate will be applied to my dividend income?
The 13% rate is applied to dividends paid to foreign citizens who are Russian tax residents. Russian tax resident status is given to foreign citizens who were in Russia for at least 183 days during 12 consecutive calendar months preceding the dividend payment date. A number of documents must be submitted to demonstrate Russian tax resident status.
- Which documents prove my Russian tax resident status?
To confirm Russian tax resident status, shareholders may provide the following documents:
- A copy of a foreign ID with border control marks;
- A copy of air or rail tickets confirming arrival date to Russia;
- A statement from an employer in Russia indicating the actual term of employment in Russia during 12 consecutive calendar months preceding the statement date;
- Other documents confirming the actual time of presence in Russia.
These documents are to be submitted to the person making dividend payments and acting as the tax agent. If a shareholder who is a foreign citizen fails to provide the documents, the 15% tax rate is applicable.
- Are individual shareholders obliged to file tax declarations stating dividends received for the year to the tax authorities?
The following persons, including individuals receiving income not accounted for by tax agents, are obliged to submit income declaration forms to the tax authorities:
- individuals currently registered as entrepreneurs without forming a legal entity. Income received from the entrepreneurship is declared;
- Notaries engaging in private practice, layers engaging in private legal practice, and other persons engaging in private practices in accordance with current legislation. Income received from such private practice is declared;
- Individuals receiving remuneration from individuals and legal entities that are not tax agents, through employment agreements and civil agreements including income received under lease or rent contracts. Such income is declared;
- Individuals receiving incomes from selling property. Such income is declared;
- Individuals who are Russian tax residents receiving income from sources outside Russia (excluding Russian servicemen). Income from such sources is declared;
- Individuals receiving other income that was not accounted for by tax agents. Such income is declared;
- Individuals receiving winnings from organisers of lotteries, sweepstakes, and other risk-based games (including gaming machines). Such winnings are declared;
- Individuals receiving income from being the heir (legal successor) of authors of scientific, literature, and art works, as well as inventions, utility models, and industrial designs;
- Individuals receiving income in the form of cash and other gifts, excluding cases stipulated in the Tax Code.
Tax agents are not obliged to file individual tax declarations to the tax authorities. Filing tax declarations on income, including dividend income, received by an individual is not obligatory but is optional if the shareholder does not belong to one of the above stated categories in the Tax Code.
- How can I obtain the 2-NDFL(personal income tax) form for dividend income from Moscow Exchange shares for 2016?
To obtain the 2-NDFL form, shareholders should submit an application to the company acting as the tax agent for their dividends. If the tax agent for some reason has ceased operating, you should ascertain the successor organization, if one exists. Alternatively, you could receive a statement from the local tax authorities verifying your withholding. Additionally the information on receipt of income from the 2-NDFL is available in the office of the taxpayer's "personal office" on the Federal Tax Service's online portal.
- Where do I need to file documents confirming a tax exemption upon receipt of dividends?
If the shareholder has made the registrar his nominee holder, then documents confirming tax exemptions should be sent to the address of the nominee. For shareholders whose shares are not held by a nominee, documents should be sent to PJSC Moscow Exchange.
- MOEX corporate restructuring
- What is the purpose of your corporate restructuring?
- Moving forward with streamlining our corporate structure.
- Reducing annual costs by some tens of millions of roubles due to elimination of extra layers of corporate governance and information disclosure (including costs of audit, reporting, etc.).
- Improving customer service as customers will not need to have different service agreements with different legal entities of the Group;
- Enhancing our ability to manage the company by decreasing the number of management bodies.
- What are the main stages of your corporate restructuring? What corporate approvals are required?
- The decision on restructuring is the prerogative of the General Meeting of Shareholders.
- An extraordinary general meeting of shareholders (EGM) will be held on 2 September 2016 in the form of voting in absentia.
- The record date for the EGM is 1 August 2016.
- In the event that the EGM approves the restructuring, we expect it to be completed by the end of 2016.
- Will Moscow Exchange repurchase shares? Who is eligible to submit repurchase requests?
- Yes. In accordance with the prevailing law, in the event of a restructuring a company is required to offer shareholders a share buyback.
- Shareholders who do not vote or those who vote against the restructuring can submit share repurchase requests.
- How was the repurchase price for shareholders determined? When will repurchase requests be accepted? When will shares be repurchased?
- The repurchase price was set at RUB 106.00 per share by the Supervisory Board taking into account the recommendations of an independent appraiser (NB: the average share price in 1H 2016 was RUB 101.98 per share)
- We selected the independent appraiser through a competitive tender process involving all leading appraisal companies.
- Share repurchase requests will be accepted for a period of 45 days after the EGM, i.e. until 17 October 2016.
- The repurchase requests will be accepted by 16 November 2016.
- What is the ultimate volume of the share repurchase?
- The ultimate volume of shareholders' requests cannot exceed 10% of the company's NAV as of the last reporting date, according to the law (10% of NAV as of the end of Q1 2016 was RUB 6.7 bln or approximately 2.5% of the company's market cap as of 21 July 2016).
- Will the restructuring cause any inconvenience to issuers, customers and other counterparties of the restructured entities?
- The restructuring will not require reregistration of customers, assignment of new identification codes or other additional actions by issuers, customers or other counterparties. PJSC Moscow Exchange will become the legal successor of the acquired entities with all rights and obligations under existing agreements being assigned to it from the moment the restructuring is completed.
- The restructuring will simplify interaction with Moscow Exchange Group for customers as they will no longer need to maintain separate agreements entered into with different legal entities of the Group.
- How will corporate restructuring affect Moscow Exchange's dividend policy?
- It will not impact the MOEX dividend policy. The company plans to pay out no less than 55% of annual net profit under IFRS, as per its approved dividend.
- Do you have any questions that are not answered here?
We welcome any queries and suggestions via our feedback form.