Last checked at 17 Feb 2011 11:40
17 February 2011
IMI plc sponsors ADRs to broaden US investor base
IMI, the global engineering solutions group, announces it will sponsor an American Depositary Receipt (ADR) programme to help broaden its investor base in the United States.
Citi has been appointed depository bank for the Level 1 ADR programme. The ADRs will trade in the "Over The Counter" marketplace under the symbol IMIAY, with each ADR comprised of 2 ordinary shares of IMI plc.
Will Shaw, Investor Relations Director, IMI plc said:
"The US is an important market for the Group where we see significant opportunity to grow our investor base. Our sponsorship of this ADR programme and partnership with Citi 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.
Notes to editors:
IMI plc is a global engineering solutions group focused on the precise control and movement of fluids in critical applications. It works with leading international companies in over 50 countries to deliver innovative engineering solutions, built around valves and actuators, to address global trends such as clean energy, energy efficiency, healthcare and increasing automation. Its shares are listed on the London Stock Exchange and it is a member of the FTSE100. Further information is available at www.imiplc.com.
Enquiries:
Will Shaw
IMI plc
+ 44 (0)121 717 3712