AMERICAN DEPOSITARY RECEIPTS. ISFP Stephen Sapp
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1 AMERICAN DEPOSITARY RECEIPTS Stepen Sapp
2 Definition: ADRs American Depositary Receipts (ADRs) are dollardenominated negotiable securities representing a sare of a non-us company. Tis security trades and settles in te US like all oter US securities. Allows non-us companies to ave teir stock traded in te US. It reduces te settlement delay, transaction costs and oter inconveniences associated wit international securities trading. ADRs are issued wen a US depositary institution buys sares of a foreign company. Stepen Sapp
3 How is Trading Performed Wit ADRs Te Depositary Receipt is issued by a US depositary bank upon purcase of te underlying, foreign sares. Tese certificates can ten be bougt and sold in te US. Wen te older of te DR sells, it can be eiter sold to anoter investor or it can be cancelled and te underlying sares released back into te ome market (flowback). Te older of te DR can also request te actual sare(s). Te depositary bank is responsible for paying dividends and voting te sares at te annual meetings. Stepen Sapp
4 Types of ADRs Two types of ADR s: Sponsored ADR s te firm approaces a depositary bank to manage teir sares in te US. Tey ave to provide different amounts of information to investors based on te type of ADR. Unsponsored ADR s te non-us sares are offered to US investors witout te firm s active participation Usually pre-existing sares tat are eld at te depositary bank and te ADR trades as its proxy on te US excange. Some firms issue new sares in teir ADR programme (Note: tis requires a special type of ADR programme) Stepen Sapp
5 Unsponsored ADRs Unsponsored ADR: Depositary receipts are issued because brokers ave found a demand by US investors for te non-us firm s stock. Te depositary institution buys te stock on te local excange for its customers and gives tem an ADR as a proxy for te sare tat it olds outside te US. Tese trade over te counter and ave little regulation oter tan registering tat it is being traded in te US wit te SEC and providing investors wit copies of its ome market financial statements. Trades as a Level I ADR. Stepen Sapp
6 Types of Sponsored ADRs Level 1: te simplest and least expensive. Te certificates are traded over te counter. Tere is minimal regulation and disclosure (only wat was required in te ome market). Level 2: tis level is required for te receipts to trade on an excange. Te financial statements must partially comply wit US GAAP (annual reports) and must be registered wit te SEC. Level 3: tis level requires te firm to file detailed current financial statements conforming to US GAAP (annual and quarterly reports). Tis level is required to raise new capital in te US (e.g. to sell receipts for new sares in te US). Stepen Sapp
7 Raising Capital Troug ADRs? Rule 144A or Private Placements: te ADR can be Level 1 or 2. Companies can issue new equity only wit qualified institutional buyers (QIBs) in te US. After issue tese sares can only be traded among tese buyers. Level 3: Tis requires filing of detailed current financial statements conforming to US GAAP. As a result of tis detailed disclosure, te new sares can be sold to all investors and te investors can trade wit eac oter on te listing excange. Stepen Sapp
8 Comparison of Types of ADR Type Degree of Disclosure Listing Alternatives Ability to Raise Capital Level I None OTC Must upgrade / 144A Level II Detailed Excange Must upgrade / 144A Level III Rigorous Excange Yes Private DRs Euro-style QIBs Yes Stepen Sapp
9 SEC Registration vs Rule 144A SEC Registered Rule 144A Broad distribution (adds retail) Speed of execution Pros Heigtens visibility Enances liquidity (no restriction on transfer) Facilitates future issuance US employee stock option Acquisition currency Ability to access key US investors (QIBS) Inexpensive access (time/cost) No SEC review process No US GAAP reconciliation No reporting requirements US generated demand 25-40% of total demand 2-3x> US generated demand 5-15% of total demand Time consuming and costly Potential valuation discount Cons Financial disclosure, conformity to US GAAP Ongoing disclosure requirement Not always necessary for successful offering Reduced incremental demand, no retail participation Limitation on size of offering Restricted liquidity Stepen Sapp
10 Value of Types of ADR Programme Programme Visibility / Level of Trading Activity / Cost of Listing No Programme Level I/Private Placement Level II Level III Stepen Sapp
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