Launch of the project of the forced conversion of Etalon Group PLC GDRs
MAGENTA Legal announces the launch of a project dedicated to the forced conversion of Etalon Group PLC depositary receipts into ordinary shares of the Russian issuer – IPJSC Etalon Group.
The project is intended for holders of Etalon DRs who have not yet participated in the automatic conversion following redomiciliation and wish to prepare for the upcoming forced procedure: to assess practical options, document requirements, timing and possible risks.
The most important date – 8 July 2026
IPJSC Etalon Group was registered in Russia on 8 July 2025. Under Russian law, the deadline for starting the acceptance of applications for forced conversion must occur no later than one year from the date of state registration.
This means the expected latest start date for the procedure is 8 July 2026. The process may be launched earlier than this date, at the discretion of the issuer or registrar.
It is important to understand: as of today, no official announcement opening the application window for forced conversion has been issued by Etalon, the registrar or NSD. Automatic conversion after redomiciliation, voluntary cancellation of DRs or technical corporate actions by Clearstream/Euroclear (OTHR) do not constitute the launch of forced conversion.
The launch announcement must include: specific start and end dates for accepting applications, filing procedure, responsible registrar/depositary, document forms and requirements for applicants.
Why it is important to act in advance
Although the formal deadline for the start may seem distant (July 2026), practice shows that the main difficulty remains the assembly of the document package.
According to Etalon‘s 2025 financial statements, as of 30 July and 31 December 2025, more than 42 million DRs remained unconverted. It is this group of securities that will be subject to the future forced conversion procedure.
Investors holding receipts through foreign brokers or depositaries will need to:
reconstruct the custody chain;
obtain confirmations from foreign intermediaries (broker/custody statements);
prepare documents proving the acquisition of shares and ownership;
arrange powers of attorney, legalisation or apostille, notarised translations;
in some cases – explain discrepancies in records or the absence of corporate action notices.
Many brokers and custodians take weeks to issue the necessary documents. Any missing document, incomplete chain or formal defect may lead to a rejection by the registrar or an inability to file within the deadline.
That is why MAGENTA Legal is forming the first batch of applications in advance – to allow investors to go through the preparatory phase in a controlled manner, without rush and additional costs.
Key conditions (to be confirmed)
Type of procedure: Forced conversion of GDRs into ordinary local shares
Issuer: IPJSC Etalon Group
Date of Russian registration: 8 July 2025
Expected start date for accepting applications: No later than 8 July 2026 (earlier launch possible)
Registrar: To be announced by the issuer
Recommended approach: Start collecting documents as soon as possible, without waiting for the official announcement
The ISIN of the DRs, ISIN of the shares, price and exact procedure will be known after the official launch.
Why MAGENTA Legal
MAGENTA Legal has significant practical experience in projects involving:
conversion of depositary receipts (ADRs/GDRs) of Russian issuers;
redomiciliation and forced conversion;
interaction with Russian registrars and issuers;
restoration of rights to securities when cooperation with foreign brokers and depositaries is limited.
Our team has worked on complex cross-border custody chains, including cases where investors had to prove their rights to Russian shares in the absence of clear records from a foreign intermediary.
We understand:
the formal requirements of registrars for document packages;
issues with incomplete broker statements, lost confirmations, differences in legally significant wording;
the logistics of notarisation, apostille, translation and courier delivery;
communication with intermediaries in multiple jurisdictions.
We help investors assess their situation, identify gaps in documentation, prepare a complete and legally correct package for future filing, and support interaction with the registrar after the procedure is launched.
First batch of applications
MAGENTA Legal is currently collecting applications for inclusion in the first batch of the Etalon DR forced conversion project.
As the expected start of the procedure approaches (no later than 8 July 2026), document collection, verification, notarisation, apostille, translations and courier logistics will become significantly more time-sensitive. This may lead to increased costs, additional expenses and the risk of missing the deadline.
Investors considering participation in the forced conversion are strongly advised to register their interest as early as possible, even if the official filing window is not yet open.
How to be included in the first batch of applications
To express interest in participating in the Etalon DR forced conversion project, please contact MAGENTA Legal:
Telegram bot: @magenta_contact_bot
Email: info@magenta.legal
When contacting us, please provide:
the number of Etalon depositary receipts;
the name of your broker or depositary (foreign/Russian);
your jurisdiction;
any documents you already have confirming ownership (statements, corporate action notices, etc.).
Each case will be assessed individually. The possibility of conversion, required documents, timing and costs depend on the investor‘s custody chain, jurisdiction, quality of broker documentation and other circumstances.
This communication is provided for informational purposes only and should not be considered as comprehensive legal advice. Any obligations of MAGENTA Legal arise only after the execution of a formal legal services agreement and payment of the relevant fees.