16 October 2014
Auckland Airport announced today that it has established a sponsored Level 1 American Depository Receipt (ADR) programme to improve access for investors in the United States.
Auckland Airport’s acting chief financial offer, Phil Neutze, says, “Auckland Airport’s ADRs will trade in the United States over-the-counter market under the symbol AUKNY.”
“Deutsche Bank Trust Company Americas has been appointed depositary bank for the programme which replaces the current unsponsored ADR programmes. One Auckland Airport ADR represents ten existing Auckland Airport shares.”
“The ADR programme does not involve the issuance of new shares or the raising of new capital by Auckland Airport. ADRs simply allow US investors to buy shares in foreign companies without the need for cross-border or cross-currency transactions. They are priced and pay any dividends in US dollars and can be traded like shares of US-based companies,” says Mr Neutze.
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