Perth-based seafood company Australis Aquaculture Ltd has opened a level one American depositary receipt program - to be managed by the Bank of New York.
Perth-based seafood company Australis Aquaculture Ltd has opened a level one American depositary receipt program - to be managed by the Bank of New York.
Australis' ADRs - negotiable certificates issued by a U.S. bank - will represent 10 of its shares, and will be traded in the US over-the-counter market.
The company said in an announcement that it hoped the program would help institutional investors to have greater access to our financial information and feel more comfortable in acquirins Australis shares.
The full text of a company announcement is pasted below
Australis Aquaculture Limited (ASX: AAQ) is pleased to announce that its Level One American Depositary Receipt (ADR) Program in the United States is now effective with receipts tradable in the over-the-counter (OTC) market under the code AUQCY and its CUSIP 05258X105. Australis has appointed The Bank of New York as the depositary bank for the Program.
Australis established the ADR Program in response to increasing interest from US investors as a result of the Company's growing profile in the US. Driving this interest has been the combination of the Company's highly successful 'The Better Fish' branded advertising campaign and the broad coverage received in both national and industry media. The launch of the Program is the first step in introducing the Company to the US capital markets and will enable the Company's shares to be priced and quoted in US Dollars and traded as American securities in the OTC market in the United States. US investors will be able to obtain ADRs for Australis shares by making enquiries directly with their brokers. Each Australis ADR represents 10 Australis ordinary shares as traded on the Australian Stock Exchange.
"Essentially all of our operations are in the United States and it made sense to begin to establish an initial foothold in the largest capital market in the world. We trust that the ADR Program will help both institutional and individual investors in North America to have greater access to our financial information and to feel more comfortable in acquiring Australis' shares," Australis' Managing Director Josh Goldman said.
In commenting on the progress of the Company, Mr. Goldman said, "The Company has made great strides over the past year with one million barramundi now in production at the Company's Massachusetts facility. This will support annual production of 1,000 tonnes, with a sales value of some A$10 million."
