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Vodafone reaches depositary receipt milestone
19 April 2013
The telecom company now has the biggest DR programme among western European companies, according to BNY Mellon
Vodafone has the largest depositary receipt (DR) programme out of any company in western Europe as it now reached one billion DRs, according to BNY Mellon.
The telecom company seeks to increase the ownership of Vodafone among domestic and international funds in the US, said Andy Halford, chief financial officer at Vodafone.
“Over 20 per cent of Vodafone shares are now held through depositary receipts, reflecting the appetite in the U.S. for stocks with attractive dividend yields and strong exposure to the U.S. market,” he added.
BNY Mellon is the depositary bank for Vodafone’s American depositary receipt (ADR) programme.
The Western European companies with the largest number of DRs outstanding after Vodafone are BP, Nokia, Royal Dutch Shell and GlaxoSmithKline, said the bank.