Range Resources ending ADR programme
(ShareCast News) - Range Resources announced its decision to close its American Depositary Receipt programme on Thursday, which would take effect from 1700 New York time on 7 August.
The AIM-traded firm said trading volumes of ADR's had been insufficient to justify the burden of maintaining the listing, with no increase in liquidity being provided to the company.
Under the terms of the deposit agreement, owners and holders of ADRs would have until at least 10 August 2018 to decide if they would like to attempt to surrender their Range ADRs for delivery of the underlying shares.
"Subsequent to August 10, 2018, under the terms of the deposit agreement, the Bank of New York Mellon may attempt to sell the underlying shares," the board explained.
"ADR holders will then receive the net cash proceeds from the sale of the shares held on deposit."
Holders of the company's ordinary shares remained unaffected by the development, Range's board confirmed.
Following completion of the reverse takeover process, the ordinary shares of Range would continue to trade on the AIM and on the ASX.