X5 Retail Group N.V. – US98387E2054

X5 Retail Group N.V. (“X5”) is a major retail company operating in Russia. It is one of the largest retail operators in the country, specializing in food retail.

On the 4th of March 2024, X5’s Russian subsidiary was included in a list of the Russian governments companies potentially subject to a new law (No. 470-FZ) affecting non-Russian holding companies, such as the Dutch HoldCo of X5.

As a result X5’s shareholder rights over its Russian based subsidiary (X5 Corporate Centre LLC) were suspended and are expected to be clarified in a court hearing on the 23rd of April 2023.

In a process that could be similar to that of other prominent non-Russian Hold Co companies (e.g. Yandex and Tinkoff) some form of suspension or loss of rights to Hold Co. GDR/shareholders might be seen.

As part of the process trading of the Global Depositary receipts has been suspended on the Moscow Exchange since the 5th of April 2024.

Holders that may wish to exit their shareholding may wish to participate in a Voluntary Tender Offer, by Southey Capital.

The offer provides a cash exit for holders of X5 provided that no retrospective transfer/ownership date of ownership of the GDR rights is enacted before the settlement date of any tendered GDRs.

Main Contact Details
Phone: +44 203 745 7940
Email: x5@southeycapital.com

Offer Documentation
Full details of the offer are listed here
Frequently Asked Questions here
The acceptance document is available here
Seller Representations Word Doc / PDF
Southey Capital Attestation
The Disclaimer is available here

Sanction Status:
US: X5 Retail Group N.V. is not an OFAC sanctioned entity, nor SDN listed. Link
U.K. X5 Retail Group N.V. is not listed on the U.K. sanctions list Link
E.U. X5 Retail Group N.V. is not listed in the E.U. sanctions list Link

X5 DR Information CITI Bank GDR X5

X5 Regulatory News: