Solidcore Resources plc has announced plans to address the issue of blocked shares, subject to shareholder approval at an upcoming General Meeting on July 29, 2025. The company aims to conduct a Final Exchange Offer for Eligible Shares and establish a framework for the Mandatory Buyback of shares held in Euroclear.
“We are fully focused on restoring shareholder value and achieving full transparency in our shareholder base,” said Vitaly Nesis, CEO of Solidcore Resources plc. He noted that approximately 8.5% of shares are blocked due to international sanctions on Russian entities and Euroclear ineligibility, affecting liquidity and compliance.
The proposed actions include a Final Exchange Offer allowing Eligible Shareholders with shares through the National Settlement Depository or indirectly under Euroclear to exchange their shares for AIX-issued ones on a one-for-one basis. This offer will open after General Meeting approval, with transfers required by October 31, 2025.
Shareholders not participating in the Final Exchange Offer may face a Mandatory Buyback at $2.57 per share if implemented. The buyback price is based on prior trading prices before de-listing from MOEX.
Following re-domiciliation from Jersey to AIFC in August 2023, Solidcore’s shares became incompatible with electronic settlement within CREST and Euroclear ceased providing services for these shares. This situation has limited trading access and created governance challenges.
The company has conducted multiple exchange offers since then, repurchasing over 87 million shares representing about 18% of its issued share capital (excluding treasury shares). As of now, Euroclear holds approximately 127 million shares.
The General Meeting will take place at Sheraton Astana Hotel in Kazakhstan. Further details are available on Solidcore’s website.
