En+ has abandoned plans for re-registration in Cyprus

© RIA Novosti / Maxim to Aminopherase in fotobanka Deripaska. Archival photoEn+ has abandoned plans for re-registration in Cyprus© RIA Novosti / Maxim to Aminopherase the image Bank

The Board of Directors of En+ Group abandoned plans for the re-registration of a company from Jersey to the jurisdiction of Cyprus, said in a statement on the tape disclosure on the London stock exchange.

«The Board decided in the interests of the company not to take further steps to re-register the company from Jersey to the jurisdiction of Cyprus and approve the further activities of the company as a legal entity, registered in accordance with the legislation of the Russian Federation», — stated in the message of En+.

It is noted that the relevant decisions were taken in connection with the introduction against the company sanctions the U.S. Treasury, the discussion of exit from under these sanctions and the «Barker», and also in connection with recent changes of the legislation of the Russian Federation, «was allowing overseas companies to continue to operate as a legal entity in Russia.»

En+ group also reported that for the entry into force of these innovations is required to comply with all legal requirements and to the approval of regulators and shareholders.

The Board also decided to entrust the management of En+ to prepare materials on the convening of the General meeting of shareholders for the approval of measures «plan Barker», including the appointment of new Directors and change the management structure in accordance with the results of the discussions with the U.S. Treasury.

USA in early April imposed new sanctions against Russia, making the so-called «black list» (SDN list), a number of major Russian businessmen and companies controlled by them, in particular the controlled Deripaska and of En+ Group, «GAZ Group», the «Basic element» and «RUSAL». Adding to the list of block of assets in the United States and a ban on any business with these companies for American citizens, including any transactions with debt and equity instruments. The entry into force of these sanctions has been postponed several times. In mid-October, the U.S. Treasury once again extended the deadline for the conclusion of transactions in shares, debt instruments RUSAL and En+ group and the GAZ group, as well as contracts in these companies until December 12.

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