Citi Transaction Services has been appointed by Balfour Beatty as depositary bank for its sponsored Level 1 American Depositary Receipt (ADR) program.
Balfour Beattys ADR program trades in the OTCQX platform in the U.S. over-the-counter (OTC) market under the symbol BAFYY, with each ordinary share comprising four ADRs. Balfour Beattys ordinary shares are listed on the London Stock Exchange.
We have experienced considerable expansion in our US investor base in the last couple of years, and are excited about the prospect of working with Citi to gain further access to US institutions through the ADR vehicle, says Basak Kotler, head of Investor Relations at Balfour Beatty.
Dirk Jones, global head of Citi Securities and Fund Services Client Sales Management, adds: We are very pleased to have been selected as depositary bank for Balfour Beattys ADR program, and through our outstanding IR initiatives, we are confident that we can assist them in fulfilling the goals that they have set for the program.
Separately, BNY Mellon was appointed by Severn Trent as sponsored depositary bank for its American Depositary Receipt (ADR) program. Previously, Severn Trent traded as an unsponsored ADR program serviced by multiple depositaries.
Each Severn Trent ADR represents one ordinary share and trades on the OTCQX platform under the symbol STRNY. Severn Trent’s local shares trade on the London Stock Exchange under the code SVT and are a constituent of the FTSE 100 share index.
Severn Trent Water provides water and sewerage services to 4.2 million households and businesses in the U.K., and Severn Trent Services is a U.S.-headquartered supplier of water and waste water treatment solutions with a growing presence in North America, Europe, the Middle East and Asia.
“We established this sponsored ADR to enhance our U.S. investor relations efforts,” says John Crosse, head of investor relations for Severn Trent. “We look forward to working with BNY Mellon’s staff as they help us expand our shareholder base and visibility in the U.S. capital market.”
Michael Cole-Fontayn, CEO of BNY Mellon’s Depositary Receipts business, adds: “We’ll work closely with Severn Trent’s management team to help it realize the added benefits of a sponsored ADR program. Global investors can now access 85% of the FTSE 100 constituents in ADR form, offering them an easy and efficient way to trade the large companies which comprise that index.”
(CG)