26 October 2010
Smiths Group today announces it will sponsor an ADR (American Depositary Receipt) programme to help broaden its investor base in the United States, the global technology company’s single most important market.
J.P. Morgan has been appointed depositary bank for the Level 1 ADR programme which will start trading today.
Peter Durman, Investor Relations Director, Smiths Group, said: “The US, with over half our Group sales and home to 9,400 employees, is an important market where we see significant opportunity to grow our investor base. Our sponsorship of this ADR program and partnership with J.P. Morgan will help us realise our ambitions to expand our investor presence in the US capital markets.”
ADRs allow US investors to buy shares in foreign companies without the need for cross-border or cross-currency transactions. They are priced and pay dividends in dollars and can be traded like the shares of US-based companies.
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