LECAP Law Firm successfully supported VK Holding’s change of jurisdiction from BVI to Oktyabrsky Island, Russia
LECAP Law Firm provided legal support for the redomiciliation of the public company VK Company Limited, the parent company of the VK Group (formerly the Mail.ru Group), from the British Virgin Islands to Russia.
In the course of the project, LECAP supported the registration by the Bank of Russia of issues of ordinary shares and class A shares, providing 25 each, as well as the shares’ prospectus.
The issue of class A shares is the first issue “multi-vote shares” of an international company on the Russian market. As a result of lengthy discussions, we were able to develop the approach in relation application of foreign law to the company’s shares, as well as regulate the procedure for converting multi-voting shares in the event of their sale.
As a result of the redomiciliation, VK Company Limited received the status of an International Public Company in a form of joint stock company, with a location in a special administrative region (SAR) on Oktyabrsky Island, Kaliningrad Region.Depositary receipts for shares of VK Company Limited are currently traded on the Moscow Stock Exchange (ticker: VKCO). On September 11, these receipts were delisted from the London Stock Exchange at the request of VK. As a result of redomiciliation in the form of a public company, VK will retain its listing on the Moscow Stock Exchange.