Lenta PLC (LNTA;LNTR)
LENTA ANNOUNCES THE COMPLETION OF THE REDOMICILIATION
St. Petersburg, Russia; 27 March 2020 - Lenta PLC ("Lenta" or the "Company"), one of the largest retail chains in Russia, today announces that the continuance of the Company into Cyprus (the "Redomiciliation") has become permanent.
This announcement should be read in conjunction with the Company's announcements of 8 January 2020 and 21 February 2020 in relation to the Redomiciliation (together, the "Previous Announcements").
Further to obtaining the certificate of temporary registration in Cyprus issued on 21 February 2020 by the Department of Registrar of Companies and Official Receiver (the "DRCOR"), the Company received a certificate of discontinuance of the Company in the British Virgin Islands issued on 25 February 2020 by the Registry of Corporate Affairs in the British Virgin Islands.
As the final step of the Redomiciliation, the DRCOR today issued the Certificate of Continuation of the Company by which it certifies that the Company was registered from 21 February 2019 in accordance with the Cyprus Companies Law Cap 113, in particular section 354H as a company continuing in the Republic of Cyprus. This has not entailed any changes to the Company or the Company's global depositary receipts further to those limited changes that became effective upon receipt of the temporary certificate of incorporation in Cyprus on 21 February 2020.
Further information regarding the status of the Company following the Redomiciliation may be found in the Previous Announcements.
Lenta is the largest hypermarket chain in Russia and the country's fourth-largest retail chain. The Company was founded in 1993 in St. Petersburg. Lenta operates 249 hypermarkets in 88 cities across Russia and 131 supermarkets in Moscow, St. Petersburg, and the Siberia, Urals and Central regions, with a total of approximately 1,489,497 sq.m. of selling space. The average Lenta hypermarket store has selling space of approximately 5,500 sq.m. The average Lenta supermarket store has selling space of approximately 840 sq.m. The Company operates 12 distribution centers.
The Company's price-led hypermarket formats are differentiated in terms of their promotion and pricing strategies as well as their local product assortment. The Company employed approximately 48,391 people as of 31 декабря 2019.
The Company's management team combines a mix of local knowledge and international expertise coupled with extensive operational experience in Russia. Lenta's largest shareholders include Severgroup, which is committed to maintaining high standards of corporate governance. Lenta is listed on the London Stock Exchange and on the Moscow Exchange and trades under the ticker: 'LNTA'
A brief video summary on Lenta's business and its Big Data initiative can be seen here.
This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the fact that they do not only relate to historical or current events. Forward-looking statements often use words such as "anticipate", "target", "expect", "estimate", "intend", "expected", "plan", "goal", "believe", or other words of similar meaning.
By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, a number of which are beyond Lenta's control. As a result, actual future results may differ materially from the plans, goals and expectations set out in these forward-looking statements.
Any forward-looking statements made by or on behalf of Lenta speak only as at the date of this announcement. Save as required by any applicable laws or regulations, Lenta undertakes no obligation publicly to release the results of any revisions to any forward-looking statements in this document that may occur due to any change in its expectations or to reflect events or circumstances after the date of this document.
|OAM Categories:||3.1. Additional regulated information required to be disclosed under the laws of a Member State|
|EQS News ID:||1008973|
|End of Announcement||EQS News Service|