"The Federal Law on Joint Stock Companies stipulates

[tanjimajuha20]

A group of minority investors in Yandex, comprising more than 10,000 people, believe that their private property rights have been violated in the matter of the exchange and buyout of Dutch Yandex shares

Minority shareholders of Yandex, who consider themselves victims of the terms of the share exchange, wrote a collective letter to the President of Russia, the head of the Central Bank, the Prime Minister and the Prosecutor General. In the appeal, they talk about the violation of private property rights in relation to more than 10 thousand people.

June 11 is the belize whatsapp number database deadline for filing applications for the exchange/buyout of Dutch Yandex shares. Investors believe that the new conditions do not take into account the equal rights of shareholders. Business FM spoke with several minority shareholders of Yandex:

that one share gives equal rights to all shareholders, but there is no such protection here. The consortium was the first to divide all shareholders depending on the dates of acquisition of securities, as well as the places where they are stored. That is, they are subject to exchange at a ratio of 1:1, one share of the Dutch Yandex for one share of the Russian Yandex. In the case of acquisition of securities before 2022 and in 2022, as well as on the MICEX and St. Petersburg Stock Exchange. In this case, the securities must be held exclusively in trading accounts and not in non-trading accounts. There are those who acquired them in 2023 or transferred them, respectively, to a Russian depository in 2023, regardless of the fact that they were acquired before 2022, and there are many such examples. I know such people, one girl has had these securities since 2016, but they are stored in Euroclear, because of the sanctions she could not move them here, they are subject to buyout. The buyout conditions are, to put it in legal terms, a onerous transaction for the simple reason that the price offered is 1250 rubles per share, given that its market value on the date of the announcement of this offer was 4404-4600, which is four times less."

"I bought it last year in the summer, in January and in April of this year. I bought it through BCS, there was also an offer that the yield was quite good, the yield was expected to be about 50 percent per year. In the end, I agreed, took 1700 last year, 1200 in January and 2000 in April. At the moment, the broker cannot say which shares are suitable for redemption, which ones remain with me, and in principle it is still unclear. I plan to leave them if I cannot exchange them, because the price does not suit me, taking into account the commission, taking into account the taxes, I will be in the red."

"I bought shares on February 1, I had a conversation with a broker, but we have been communicating for a long time, this is a manager who moved from Otkritie to Sinara. He called me for about six months and offered different options. I sold an apartment for 5 million and bought Yandex for a million, so I thought that there was, of course, a risk, that is, they could change it somehow incorrectly. That is, the broker basically warned that they could change one for two, they could buy it out not so profitably, but there was an understanding that this story would play out. In the group where I communicate, about 100 people have already signed the contract. We demand a fair offer."

"The Telegram group now has more than a thousand members. There is an initiative group of investors and there is a fairly large group that is ready to seek legal protection. I bought these shares just before the move, at the end of March - beginning of April through the Russian broker IFC Solid. And these securities were transferred to Russian depositories of Raiffeisenbank, they are located in Russia. It was obvious that they should be converted into securities of the Russian company Yandex, which will begin trading here at the beginning of autumn on the Moscow Exchange. There were no prohibitions on these transactions, there were no warnings from the Central Bank. That is, the majority bought fairly large volumes after November 30, and they were left without any offer at all, and, in fact, we are being pushed again into the external circuit, to withdraw these securities from Russia, which we absolutely do not want to do."

In their statement, minority shareholders draw attention to the fact that the federal law "On International Companies and International Funds" does not contain clear conditions for the exchange of shares of a foreign company owned by Russian citizens for shares of a newly created structure in Russia.