15th Jul 2016 06:36
LONDON (Alliance News) - Indivior PLC said Friday it plans to establish a Level 2 American Depositary Receipt program in the US and a US listing of American Depositary Shares.
The company said it intends to maintain its listing on the London Stock Exchange's Main Market, and that no new shares will be issued in connection with the US listing.
Its ADSs are currently traded pursuant to a sponsored Level 1 ADR program in conjunction with JP Morgan Depositary Bank, Indivior said. Each ADS is expected to represent five Indivior shares.
Indivior said that it would announce its ticker and stock exchange for the ADR program ahead of commencing trading in the US.
"The intention to list Indivior shares as a sponsored Level 2 ADR in the US is a logical next step for the company, following its demerger from Reckitt Benckiser Group PLC in 2014," said Chief Executive Officer Shaun Thaxter in a statement.
"The US listing recognises that Indivior is a predominantly US business, with its operational HQ in Richmond, Virginia, the majority of its employees based in the US, and with an increasing proportion of its shares owned in the US It also reflects that our peer group of specialty pharma companies is mostly US based. We intend to retain our UK domicile and our London listing, which have served the company well in the first two years of independence. However, having a US dollar denominated and US listed share may well be a constructive capability for the next phase of Indivior's development," Thaxter added.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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