Bank of New York Mellon has been appointed as the Depository, with each ADR in the programme representing twenty Pan African Resources ordinary shares
() shares rose on Thursday as the firm told shareholders that it has established a sponsored Level -1 ADR programme from today on the over-the-counter market in the United States.
It said Bank of New York Mellon has been appointed as the Depository, with each ADR in the programme representing twenty ordinary shares in Pan African Resources and will trade under the symbol ‘PAFRY’. In London trade on Thursday, the shares were 2.7% higher at 18.85p.
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Pan African Resources CEO Cobus Loots commented: “Pan African has a strong shareholder base in South Africa and in the United Kingdom.
“By establishing the ADR programme, the Company will make investing in its shares even more accessible to international investors, particularly the US investor market.
“Furthermore, Pan African joins a number of its peers which have successfully implemented an ADR programme.”
Pan African Resources is a mid-tier African-focused gold producer with a production capacity in excess of 170,000 ounces of gold per annum.
The group, which produces gold from underground operations and from surface tailings, is one of the lowest cash-cost producers of gold in Southern Africa.