24th Apr 2007 07:30
ADVFN PLC24 April 2007 ADVFN plc ("ADVFN" or the "Company") Establishment of Level 1 American Depositary Receipt Programme ADVFN today announces the establishment of a sponsored Level 1 AmericanDepositary Receipt ("ADR") programme to be traded on the Pink Sheets of the USover-the-counter ("OTC") market. Each ADVFN ADR represents 100 ADVFN ordinary shares. The code for ADVFN's ADRis "AVFCY" and its CUSIP number is 00100Y104. The Bank of New York has been appointed as the depositary bank for the Level 1ADR programme. Formalities regarding the appointment of a market maker will becompleted shortly at which point a quote for the ADRs will be publiclyavailable. Clem Chambers, Managing Director of ADVFN, commented: "With the expansion of our operations into the US following the acquisitions ofInvestorsHub.com Inc and SI Holdings LLC in 2006, we are keen to make ourcompany as accessible as possible to international investors, and particularlyin the United States. We believe the establishment of this Level 1 ADRprogramme will broaden and diversify our investor exposure and provide ourcustomers in North America convenient access to our stock. The ADR programmewill also help raise the visibility and profile for our US properties in thisimportant marketplace." For further information please contact: Clem Chambers, CEO, ADVFN plc, 020 7070 0948 Fiona Kindness, Grant Thornton UK LLP (Nominated Adviser), 020 7383 5100 Rory Scott, Mirabaud Securities Limited (Broker), 020 7878 3360 About ADRs An ADR is a negotiable US security which is issued by a US based depositary bankand represents underlying shares of a non-US company. ADRs are priced in USdollars, and allow US investors to buy and sell ADRs of non-US companies in asimilar way to buying or selling shares of US domestic companies, reducing oreliminating settlement delays, high transaction costs, and other potentialinconveniences associated with international securities trading. An ADR is created when a broker purchases a company's shares on the home stockmarket and delivers those shares to the depositary's local custodian bank, whichthen instructs the depositary bank to issue ADRs. ADRs are treated in the samemanner as other US securities for clearance, settlement, transfer and ownershippurposes. Level 1 ADRs may trade freely, just like any other security, on the US OTCmarket. When the ADR holder sells, the ADR can either be sold to anotherinvestor or can be cancelled and the underlying shares sold. In the lattercase, the ADRs are surrendered and the shares held with the local custodian bankare released back into the home market and sold via a broker. About ADVFN ADVFN (www.advfn.com) provides financial data to retail investors from marketsall over the world. It has over 900,000 registered users who generate in excessof 38 million page impressions a month. ADVFN is currently the number one stocksand investment website in Europe and has had a dedicated North American websitefor the last three years. It is adding between 250 and 300 new North Americanusers a day. In September of 2006 ADVFN acquired InvestorsHub.com and SiliconInvestor, two top five online investment community websites in the NorthAmerican market. ADVFN currently offers the following market data: •Free real-time prices from the London Stock Exchange •EURONEXT-LIFFE •EURONEXT - Paris, Brussels and Amsterdam •NASDAQ •NYSE •AMEX • S&P indices •Dow indices •CBOT •OFEX •FOREX •GTIS FOREX •NYMEX •COMEX •Pink Sheets •Chicago Mercantile Exchange (CME) •Kansas Board of Trade •OneChicago •Russian stocks and indices •Canadian stocks, indices, options and derivatives •Italian Stock Exchange •German stocks and indices - Xetra •Australian Stock Exchange •Fukuoka Stock Exchange •Sapporo Stock Exchange •Tokyo Stock Exchange •Jasdaq •Shenzhen Stock Exchange •Jakarta Stock Exchange •Bovespa •Brazilian Central Bank •BM&F •Shanghai Stock Exchange •Hong Kong Stock Exchange •Hercules •Bombay Stock Exchange •Irish stocks and indices •Mexican Exchange •Chilean Exchange •Greek stocks and indices •Singapore stocks and indices •Helsinki Stock Exchange •Stockholm Stock Exchange •Copenhagen Stock Exchange •Warsaw Stock Exchange •Swiss Indices •Johannesburg Stock Exchange and indices •Level 2 data •NASDAQ TotalViewSM data •Comprehensive fundamental data •Streaming stock charts, historic and intraday •CREST stock loan data •Portfolios •RNS and AFX news •Financial bulletin boards •Historical data downloads •Stock monitors and filters •Covered Warrants •Trading signals •Investor Relations Web site solutions For further press information, please contact Francesca De Franco on + 44 207070 0932 or email: [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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