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发表于 15-9-2009 23:32:46|来自:
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SINOTEL TECHNOLOGIES LTD. (Incorporated in Singapore) (Company Registration Number : 200614275R)
APPROVAL AND ADMISSION TO THE ADR (AMERICAN DEPOSITARY RECEIPT) PROGRAM
The Board of Directors (the “Board”) of Sinotel Technologies Ltd. (the “Company”; together with its subsidiaries, the “Group” ) is pleased to announce that the Company’s application for the establishment of an ADR program in the United States of America (“US”) has been approved by the U.S. Securities and Exchange Commission and effected on Monday, 14 September 2009, New York time. Each Sinotel ADR represents 20 ordinary shares and trades on the over‐the‐counter (OTC) market.
The Bank of New York Mellon Corporation (the “BNY Mellon”) is the Company’s ADR Depositary Bank. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high‐net‐worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client‐focused team. It has $20.7 trillion in assets under custody and administration, $926 billion in assets under management, services $11.8 trillion in outstanding debt, and processes global payments averaging $1.8 trillion per day.
About the ADR Program
An ADR represents ownership in the shares of a non‐US company and trades in the US financial markets. The stock of many non‐US companies trade on the US stock exchanges through the use of ADRs. ADRs enable US investors to buy shares in foreign companies without undertaking cross‐border transactions. ADRs carry prices in US dollars, pay dividends in US dollars, and can be traded like the shares of US‐based companies.
Each ADR issued by the depositary bank can represent a fraction of a share, a single share, or multiple shares of a foreign stock. For each Sinotel ADR that a US investor wishes to purchase, an equivalent of 20 Sinotel ordinary shares will be delivered to the investor by buying from the open market of the Singapore Stock Exchange. No new shares have been issued in the current exercise.
The owner of an ADR also possesses the right to obtain the foreign stock it represents, but US investors usually find it more convenient simply to own the ADR. The price of an ADR often tracks the price of the foreign stock in its home market, adjusted for the ratio of ADRs to foreign company shares.
The proposed ADR facility will increase the opportunity for the Company to carry out future fund raising activities when required. The ADR will also enable the Company to attract foreign investors since they are not required to bear time difference, cross‐border transaction fees or
currency exchange fees and will thereby expand the investor base of the Company and increase the liquidity of its shares.
The Board would like to advise Shareholders and the investing public to exercise caution when dealing in the Shares of the Company and to seek professional advice when in doubt.
By By Order of the Board
Jia Yue Ting Executive Chairman 15 September 2009 |
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