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1. American Depositary Receipt.
The issued ordinary share capital of AstraZeneca PLC is announced at the end of each month via the Regulatory News Service. The number of ordinary shares represented by ADRs varies over time, with conversion into and out of ADRs.
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ADRs are dollar-denominated equity instruments issued in the US markets through a depository bank. They represent ownership of certain equity securities (the 'underlying shares') that are issued and trade in a company's home market(s). Each ADR represents a certain number of underlying ordinary shares, but trading independently of them.
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ADRs are a convenient and cost-effective way to buy shares in international companies.
- Stocks are quoted in US dollars
- Dividends are paid in US dollars
- ADRs trade during normal US trading hours
- They settle and clear according to US standards
- No need for custody arrangements outside of US
- Facilitates price comparisons between securities
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AstraZeneca has a level 2 ADR programme which is listed on NYSE under the symbol AZN. The ADR ratio is 1:2, meaning each ordinary share is represented by 2 ADRs. The programme was established in 1999 when Astra and Zeneca merged. Deutsche Bank is depositary bank for the programme.
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There are currently over 3,000 ADR programmes of which nearly 1,600 are sponsored. Of these, over 250 are listed on the New York Stock Exchange alongside AstraZeneca including some of the largest companies from Europe, Latin America and Asia Pacific.
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ADRs are bought by both institutional and retail investors. Over $800 billion of ADRs are currently held by institutional holders.
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As depositary bank for AstraZeneca, Deutsche Bank undertakes a number of functions including: Issuing and cancelling ADRs; serving as registrar and transfer agent for the ADRs; acting as paying agent, processing dividend payments or other entitlements for the ADR holders; processing corporate actions; and co-ordinating the proxy process for ADR holders.
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AstraZeneca’s Form 20-F information in XML format in line with requirements of the US Securities and Exchange Commission (SEC).
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AstraZeneca’s financial information for the six months ending 30 June 2019 in XML format in line with requirements of the US Securities and Exchange Commission (SEC).
澳门金沙平台官网
AstraZeneca’s Form 20-F information in XML format in line with requirements of the US Securities and Exchange Commission (SEC).
澳门金沙平台官网
AstraZeneca’s financial information for the six months ending 30 June 2018 in XML format in line with requirements of the US Securities and Exchange Commission (SEC).
澳门金沙平台官网
AstraZeneca’s Form 20-F information in XML format in line with requirements of the US Securities and Exchange Commission (SEC).
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ADRs can be bought and sold on the NYSE like any other security. If there is insufficient supply and/or depending on the premium/discount between the price of the ordinary shares and ADRs, ADRs can be created by Deutsche Bank upon receipt of ordinary shares (as shown in the diagram). AstraZeneca’s ADRs also trade in cross-books which match ordinary shareholders looking to create ADRs with ADRs holders looking to cancel and receive ordinary shares - and vice versa. As at 31 December 2019, 510 million ADRs were outstanding with an average of 4 million ADRs traded each day.
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(1) Investor contacts broker and requests purchase of company’s ADR. If no ADRs are available, the issuance process begins.
(2) Broker contacts local broker in home market and
(3) the local broker purchases ordinary shares in the home market.
(4) Ordinary shares are deposited with a local custodian and
(5) the custodian instructs the depositary to issue ADRs which represent the shares received.
(6) The depositary issues the ADRs and delivers them in physical form or book form through DTC, Euroclear or Clearstream as applicable.
(7) The broker delivers the DRs to the investor or credits the investor’s account.
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