CIAN PLC ADRs: forced conversion Deadline and key practical points
JSC “Rakurs Invest” is processing forced conversion of CIAN PLC American Depositary Receipts (ISIN US83418T1088) pursuant to Article 5 of Federal Law No. 452-FZ.
Key deadline
Applications for forced conversion must be submitted no later than 14 April 2026 (inclusive).
This is the final deadline set out in the conversion procedure. Applications submitted after this date will not be accepted.
Documentation: a critical practical point
Based on our experience, a notarised inspection report of the investor’s personal account (material inspection report) is essential for a successful forced conversion. In practice, confirmations issued solely by foreign brokers or custodians are often insufficient. Without a properly prepared inspection report, the risk of additional requests or rejection increases materially.
If you have concerns regarding:
- security of the inspection procedure;
- how such inspections are conducted in practice;
- technical restrictions, including limited access from Russia to foreign platforms;
- situations where no web version of the application exists (mobile-only access), these issues are manageable.
We have practical solutions for conducting inspections even in cases where access from Russia is restricted or the interface is available only through mobile applications.
Other core documents (high-level)
The conversion package typically includes:
- an application in the prescribed form;
- ADR ownership confirmations from foreign brokers / custodians;
- identity documents (individuals) or corporate documents (legal entities);
- notarised Russian translations of foreign documents, where required;
- additional confirmations depending on the custody chain. + do prepare tax ID - it may be useful for dividends or other purposes in the future.
Relevant experience
In 2025, we successfully handled forced conversion of TCS Group depositary receipts through JSC “Rakurs Invest”: 100% approval rate for submitted applications with multi-million USD-equivalent volumes.
Importantly, the forced conversion procedure currently published by the depositary has not materially changed compared to the framework previously applied to TCS Group. The same legal structure and document logic apply to the CIAN PLC process.
We continue to monitor the CIAN forced conversion practice and will share further technical observations in out Telegram Chennal as the process develops.
P.S. According to FINAM, current price of CIAN share is around $7,62.
Not investment advice.
If you have individual questions or require legal support, our Telegram Bot is available for direct assistance.
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