According to Moscow Exchange press service, trading on Dorogobuzh preferred shares included in Moscow Exchange Level 3 list of securities admitted to trading will be halted starting on 23 December 2015.
The trading halt is due to an upcoming conversion of previously placed Company's preferred shares into preferred shares with other rights. The conversion of preferred shares is made under the resolution passed by Dorogobuzh extraordinary general meeting on 4 August 2015 to amend the Company’s Charter by changing the rights attached to preferred shares, i.e. that the Company’s preferred shares may be converted into ordinary shares.
The previously placed preferred shares will be converted into convertible preferred shares based on the data of accounts opened by the share registrar and depositaries as of 24 December 2015.
After the conversion, the previously placed Company's preferred shares will be retired (cancelled) and excluded from the list of securities admitted to trading on Moscow Exchange.
The Company’s convertible preferred shares placed through conversion will be available for over-the-counter trading after the state registration of a share issue report. Since the Company’s convertible preferred shares are to be converted into ordinary shares, they will not be admitted to trading on Moscow Exchange.
It is expected that the additional issue of the Company’s ordinary shares placed through conversion of the Company’s convertible preferred shares will be admitted to trading on Moscow Exchange by the beginning of August 2016 upon completion of formalities and expiry of the term envisaged by law.
No trading limitations on the previously placed initial issue of the Company’s ordinary shares are expected.