New ratio for Wimm-Bill-Dann ADRs to take effect Nov 16
MOSCOW. Nov 12 (Interfax) - The new ratio for American Depositary Receipts (ADR) in Wimm-Bill-Dann Foods - one share backing four ADRs - will take effect on November 16, the company said in a press release.
The board of directors approved the changes to the depositary program on October 16, 2009. Effective November 16, four ADRs will correspond to one ordinary share. The number of ordinary shares will not change, the press release says.
The ADR split is aimed at raising the company's liquidity and providing existing shareholders with more flexibility in managing their portfolios. The split will not affect the structure of ownership or total shareholder capital, it says.
Each ADR is currently backed by one share.
WBDF launched its ADR program on February 14, 2002 with a placement on the New York Stock Exchange that raised over $200 million.
Currently 40% of charter capital totaling 880 million rubles (split into 44 million 20-ruble shares) is represented as ADRs.
According to the company's second quarter statement, the largest individual shareholders are Gavril Yushvaev, with 17.25% of shares and 2.36% of ADRs, David Yakobashvili - 8.67% and 1.83% respectively, and Sergei Plastinin - 4.8% and 0.31%.