19.12.2008, 14:19
Oranta Launches GDR Program
OREANDA-NEWS On 19 December NJSIC “Oranta” announced that on Dec 3, 2008 it has set up the Regulation S Global Depository Receipt (Res S GDR) program aiming at increasing the liquidity and broadening the shareholders base. Such program allows foreign investors easier access to Ukrainian shares by being able to trade US Dollar denominated securities through the facilities of Euroclear Bank SA and Clearstream Banking Luxembourg.
Deutsche Bank Trust Company Americas, a worldwide leader in securities administration, is acting as the Depositary bank for the program. JSB "ING Bank Ukraine" was chosen to serve as a custodian for the program. Dragon Capital is serving as a broker for the deal. Legal services were provided by a leading Ukrainian law firm "Sayenko-Kharenko".
The GDRs are available to broad range of international investors from outside USA in the over-the-counter market. The ratio GDR to ordinary share is 1:1, i.e. 1 GDR affirms right for 1 ordinary share of Oranta. No additional share issue will be done as part of the program.
Up to 24.99% of Oranta’s shares can be converted to GDRs, that as of Dec, 3 2008 constitute 7 477 008 shares. Earlier the Supervisory Board and the Management Board of Oranta have taken the decision to perform all the necessary legal procedures in order to launch the GDR program.
"In the recent years many international investors showed interest in emerging markets in general and Ukraine in particular," commented Oleg Spilka, Chairman of the Supervisory Board of Oranta, President of IMG International Holding Company. "A reasonable proportion of our shares is already held by international institutional investors. And we think our shares possess great potential in this important market. We are establishing this program to offer even more international investors the opportunity to participate in the future growth of our company. Possibility to convert shares to GDRs will allow to increase the liquidity, enhance the level of transparency of the corporate governance and provide more favorable conditions for capital acquisition in the financial markets due to increased recognition by the world investment society."
Deutsche Bank Trust Company Americas, a worldwide leader in securities administration, is acting as the Depositary bank for the program. JSB "ING Bank Ukraine" was chosen to serve as a custodian for the program. Dragon Capital is serving as a broker for the deal. Legal services were provided by a leading Ukrainian law firm "Sayenko-Kharenko".
The GDRs are available to broad range of international investors from outside USA in the over-the-counter market. The ratio GDR to ordinary share is 1:1, i.e. 1 GDR affirms right for 1 ordinary share of Oranta. No additional share issue will be done as part of the program.
Up to 24.99% of Oranta’s shares can be converted to GDRs, that as of Dec, 3 2008 constitute 7 477 008 shares. Earlier the Supervisory Board and the Management Board of Oranta have taken the decision to perform all the necessary legal procedures in order to launch the GDR program.
"In the recent years many international investors showed interest in emerging markets in general and Ukraine in particular," commented Oleg Spilka, Chairman of the Supervisory Board of Oranta, President of IMG International Holding Company. "A reasonable proportion of our shares is already held by international institutional investors. And we think our shares possess great potential in this important market. We are establishing this program to offer even more international investors the opportunity to participate in the future growth of our company. Possibility to convert shares to GDRs will allow to increase the liquidity, enhance the level of transparency of the corporate governance and provide more favorable conditions for capital acquisition in the financial markets due to increased recognition by the world investment society."
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