Oleg Bakhmatyuk

Oleg Bakhmatyuk's Avangard Agroholding to delist GDRs from the London Stock Exchange

Ukraine's Avangard agricultural holding will delist the global depositary receipts of its holding company Avangardco Investments Public Limited from the London Stock Exchange

"The company sent a notification letter to the listing committee of the London Stock Exchange with a request to cancel the admission of its GDR with ISIN US05349V2097 to trading on the main market of the London Stock Exchange," Ukrainian media reported, citing an announcement from the company.

The delisting will take place on December 28.

The company did not disclose the reasons for the decision or any other details.

Avangard, according to its own data, is the largest producer of eggs and dried egg products in Ukraine.

In April-May 2010, the company conducted an IPO on the LSE, placing 22.5% of its shares in the form of GDRs for a total of about $208 million.

At the end of March 2017, Avangard, and its parent agricultural holding Ukrlandfarming, announced negotiations with a committee of creditors to re-structure its Eurobond issues for $200 million due on October 29, 2018 and $500 million due on March 26, 2018. Later, the company defaulted, and is still in that position today.

On the Avangard website, the latest annual report posted is for 2018, financial data is for H1 2019, and the next annual meeting is announced for December 2020.

According to the latest data on the company's website, its largest owner with a share of 77.5% is Ukrlandfarming PLC, 95% of which belongs to Oleg Bakhmatyuk.

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