M.Video-Eldorado Group statement: EU sanctions imposed on June 21, 2021 do not affect PJSC M.video and its subsidiaries

02.07.2021 14:10

PJSC M.video (M.Video-Eldorado Group, the Company, or the Group; MOEX: MVID), Russia’s leading e-commerce and consumer electronics retailer, has received legal opinions from leading global law firms stating that the new EU sanctions imposed on June 21, 2021 against certain legal entities and individuals do not affect PJSC M.video and its subsidiaries.

The legal opinions are based on the criteria for being a ‘controlling person’ and an ‘asset owner’ set out by various EU institutions in a number of documents and other European and international laws.

M.Video-Eldorado Group continues its cooperation and contractual relations with all its existing suppliers of goods and services, regardless of their jurisdiction and form of ownership, in line with current Russian legislation.

As disclosed previously further to notifications received from the Company’s major shareholder, the share capital structure of PJSC M.video as of June 21, 2021 is as follows (with decimals rounded to the nearest whole number):

  • 50% of shares are held by Ericaria Holdings Limited, which is beneficially owned by Said Gutseriev;
  • 10% of shares are held by Weridge Investments Limited, which is a subsidiary of PJSC SAFMAR Financial Investments, where Said Gutseriev is the largest minority shareholder.

A 15% stake in the Company is held by Media-Saturn-Holding GmbH; less than 1% is owned by MVM LLC (which is controlled by PJSC M.video), and the Company’s free float is 24%. Information on direct and indirect ownership of the shares of PJSC M.video is available in its quarterly issuer’s report for Q1 2021.