Citi announced that its Global Transaction Services business, acting through Citibank N.A., has been appointed by IMI plc (IMI), a global engineering solutions group, as depositary for its sponsored Level 1 American Depositary Receipt (ADR) programme. IMIs ADR programme trades in the OTC marketplace under the symbol IMIAY, with each ADR comprised of 2 ordinary shares. IMIs ordinary shares are listed on the London Stock Exchange.
Will Shaw, Investor Relations Director, IMI plc said, The US is an important market for the Group where we see significant opportunity to grow our investor base. Our sponsorship of this ADR programme and partnership with Citi will help us realise our ambitions to expand our investor presence in the US capital markets.
Dirk Jones, Global Head of Securities and Fund Services Client Sales Management said, By establishing a sponsored level 1 ADR programme, IMI has signalled its commitment to securing further investment from US investors. We are very pleased to have been selected as depositary bank for IMIs ADR programme, and through our outstanding IR initiatives, we are confident that we can assist them in fulfilling the goals that they have set for the programme.
Global Transaction Services, a division of Citis Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citis Global Transaction Services supports over 65,000 clients. As of the fourth quarter of 2010, it held on average $353 billion in liability balances and $12.6 trillion in assets under custody.
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