Sydney, May 11, 2007 (ABN Newswire) - White Energy Company Ltd (ASX: WEC) today announced that it has initiated a Level 1 American Depository Receipt (ADR) program. This is now effective with Receipts tradeable in the over-the-counter (OTC) market.
The ADR program will enable White Energy shares to be more accessible to US private Investors and institutions, including those only permitted to buy US based securities.
The Bank of New York will operate the White Energy ADR program and act as the depositary bank. An ADR is created when a broker purchases White Energy shares on the Australian Stock Exchange and delivers those to the Bank of New York's local custodian bank, which then instructs the depositary bank to issue Depositary Receipts. These Depositary Receipts may trade freely, like any other security, in the OTC market.
In accordance with normal ADR practice, shares are consolidated into larger value parcels. In White Energy's case each ADR represents 5 ordinary White Energy Shares. White Energy's ADR ticker symbol is WECFY.
This initiative forms part of White Energy's strategy to expand its US investor base and provide increased international liquidity.
About WHITE ENERGY COMPANY LTD
White Energy Company Limited is a public company listed on the Australian Stock Exchange under the ticker symbol WEC. White Energy is committed to creating a diversified resource group with unique mining technology capabilities. White Energy has an experienced board and management team who endeavour to maximise Shareholder value by efficiently managing the current projects as well as continuing to assess new investment opportunities with a particular focus on mining technology.
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