Page 156 - RusRPTJul22

relevant shares to be delivered and received under applicable laws and regulations". We believe that structuring such a transaction could require additional efforts in the current extraordinary situation.
Yandex also mentioned that the company planned to fund the cash component of the purchase primarily by means of a commercial loan in compliance with Russian, US, UK, EU and UN laws and regulations. We read it as in case the company manages to attract a loan in Russia, it would have to comply with specific regulations to be able to uplift the loan to the parent level.
Yandex will have to sign a separate agreement with each holder of the notes. In case the company manages to purchase at least 75% of the notes before June 30, Yandex expects all notes to be either purchased or redeemed on or prior to July 29.
156 RUSSIA Country Report October 2020 www.intellinews.com