JSC RusHydro Announces the Conversion of its Regulation S GDRs into Level 1 ADRs
SC RusHydro announces the conversion of its Regulation S GDR program into a Level 1 ADR program.
RusHydro (RTS, MICEX, LSE: HYDR), Russia’s largest power-generating company and the largest publically listed hydro-generating energy company, has launched a Level 1 American Depositary Receipt (ADR) program in respect to the Company’s ordinary shares.
The United States Securities and Exchange Commission (SEC) registered the statement with respect to the ADRs and declared it effective as of
The newly launched Level 1 ADR program will be traded on both the Main Market of the London Stock Exchange, as well as on the OTC market in the
The Bank of New York Mellon (BNYM), which has a long history of serving Russian clients in the power sector, will be acting as the depositary for JSC RusHydro’s ADR program and ING Bank (Eurasia) ZAO will serve as the global custodian bank for the ADR program.
The Level 1 ADR program is expected to provide access to the Company’s shares to a wider range of investors and to stimulate greater liquidity in JSC RusHydro’s program. Working in conjunction with The Bank of New York Mellon (BNYM), JSC RusHydro plans to continue developing investor relations activities aimed at increasing the liquidity of the Company’s securities.
Vasily A. Zubakin, RusHydro’s Acting Chairman of the Management Board: "Our Company is dedicated to consolidating its position as the most liquid stock in the Russian energy sector, since liquidity is a necessary building block for promoting shareholder value. We believe that converting our existing Regulation
The Company’s GDR program was initially launched in July 2008. Based on a decision by the Russian FSFM, the maximum number of shares of the Company that can be traded abroad as part of the GDR program is 37.5 billion (14.7% of RusHydro’s charter capital). At present, RusHydro’s total GDR program represents in aggregate 7.62% of the Company’s charter capital as of
Certain statements in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of JSC RusHydro. These forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from those expressed or implied by these forward-looking statements.
Shares / ADR