Midtier gold producer Pan African Resources has established a sponsored Level-1 American Depository Receipt (ADR) programme on the over-the-counter market in the US with the Bank of New York Mellon being the appointed depository.
In doing so, Pan African joins a number of its peers that have successfully implemented an ADR programme.
Each depository receipt in the ADR programme represents 20 ordinary shares in Pan African and trades under the symbol PAFRY.
Pan African CEO Cobus Loots says the company has a strong shareholder base in South Africa and in the UK.
“By establishing the ADR programme, Pan African will make investing in its shares even more accessible to international investors, particularly the US investor market.”
Pan African has a dual listing on the main board of the JSE and on the Aim market of the LSE.