As at the end of April 2010 approximately 11% of R&E ordinary shares were represented by American Depository Receipts (ADRs) through the Bank of New York Mellon (BNYM).
For more information on ADRs, please go to http://www.adrbnymellon.com/dr_edu_basics_and_benefits.jsp
For more information on BNYM, please go to http://www.bnymellon.com
R&E entered into an ADR scheme, with BNYM as the depositary bank, in March 1997. The ADRs were traded on the Nasdaq Exchange (share code: Rangy), with one ADR representing one ordinary R&E share. R&E (or Rangy) was suspended from the Nasdaq Exchange on 21 September 2005 because the company did not file the necessary regulatory information. The company’s ADRs were then traded “over the counter” in the US until 24 March 2008 when the Securities and Exchange Commission (SEC) revoked the registration of R&E shares and ADRs. Thereafter the trading (sale or purchase) of any R&E share or ADR in the U.S. was prohibited.
The R&E board continued to explore a lifting of the SEC restriction that currently prohibits the trade of R&E ordinary shares or ADRs in the US. There is no intention to relist on the Nasdaq. Legal counsel for the BNYM and R&E unsuccessfully sought an exemption from SEC registration to allow a resumption of “over the counter” trading of ADRs.
(Status of US trading market (8 July 2010)
Some US holders of ADRs have indicated that they intend voluntarily to convert their ADRs into ordinary R&E shares, which would then be traded on the JSE via nominee accounts. Such conversions can be effected through BNYM (Contact person are: Kim Schwarz, Vice President, Depositary Receipts Division, ph.(212) 815-2852, mobile (347) 515-0068, fax (212) 571-3050 kimberly.schwarz@bnymellon.com OR Mary Gormley, Vice President, Tel: +44 207 964 4377, Mob: +44 7973 985 227 mgormley@bankofny.com)