Bank’s GDR program is close to completion
Bank Saint Petersburg announces completing conversion of Global Depositary Receipts (GDRs) placed by the Bank under IPO in November 2007 into the Bank's ordinary shares.
In early November 2007, Bank Saint Petersburg carried out IPO raising $274 mln. The Bank has placed newly issued shares in the IPO, which amounted to 18% of the total number of the Bank's ordinary voting shares after placement. The Bank made the public offering of its ordinary shares and GDRs without listing of the receipts.
The GDR program's closing envisaged by the information memorandum issued for the purpose of the offering was commenced by the Bank in December 2007. On May 8, 2008, the program moved to its final stage: the period when GDR holders were allowed to convert their receipts into the Bank's ordinary shares is finished.
"The results of the GDR program have confirmed the success of the IPO. With minimum exceptions, investors have converted their receipts into ordinary shares. We had offered the market an innovative solution, which enabled an efficient placement and provided the liquidity on domestic stock exchanges: RTS and MICEX. The market welcomed this solution. The GDR program has fulfilled its mission completely", Alexander Savelyev, Chairman of the Management Board, Bank Saint Petersburg, commented on the program closing.