2nd Jul 2020 09:33
(Alliance News) - Pan African Resources PLC on Thursday said it has established a sponsored American depository receipt programme to tempt more international investors.
The level-1 ADR programme programme has been established on the over-the-counter market in the US. Bank of New York Mellon is the appointed depository.
Pan African is listed in London - where its headquarters is located - as well as in Johannesburg, and said that each depository receipt in its ADR programme represents 20 ordinary shares in the company and will trade under the symbol PAFRY.
Chief Executive Cobus Loots said: "Pan African has a strong shareholder base in South Africa and in the United Kingdom. By establishing the ADR programme, the company will make investing in its shares even more accessible to international investors, particularly the US investor market. Furthermore, Pan African joins a number of its peers which have successfully implemented an ADR programme."
Shares in Pan African were up 2.9% at 18.88 pence in London and were up 2.1% in Johannesburg at ZAR3.98.
By Anna Farley; [email protected]
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