Citis Global Transaction Services business, acting through Citibank N.A. has been appointed by Home Retail Group plc (Home Retail Group), the UKs home and general merchandise retailer, as the depositary bank for its American Depositary Receipt (ADR) program. In making this appointment, Home Retail Group has designated Citi as the sponsor of what had previously been an unsponsored ADR program.
Home Retail Groups ADRs will trade in the OTCQX marketplace (as of 2 October 2009), the premier tier of the U.S. over-the-counter (OTC) market, under the symbol HMRTY. The companys ordinary shares are listed on the London Stock Exchange (LSE) under the code HOME.L. Each ADR is represented by four (4) ordinary shares.
Home Retail Group is the UKs leading home and general merchandise retailer. With sales of 5.9 billion in the last financial year, it sells products under two distinctive retail formats Argos and Homebase that are household names in the UK.
We are pleased with the appointment of Citi as our new ADR depositary and are looking forward to developing a strong working relationship with them, which we are sure will benefit both Home Retail Group and its ADR holders, says Richard Ashton, finance director of Home Retail Group.
We are delighted to have been awarded this mandate by Home Retail Group, says Ayden Dagg, head of depositary receipt services for Europe, the Middle East and Africa, Citi. The substantial breadth and depth of Citis expertise and resources will allow our Depositary Receipt Services business to provide Home Retail Group with unmatched support in all aspects of their ADR programme.
D.C.