BNY Mellon appointed for another GDR programme 11 November 2014Moscow Reporter: Stephanie Palmer
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BNY Mellon has been selected to act as depository bank for Eurasia Drilling Company’s global depository receipt (GDR) programme.
The Russia-based drilling and well services contractor owns and operates a fleet of equipment for onshore and offshore drilling services, and supplies drilling in the Caspian Sea jack-up market.
Tom O’Gallagher, vice president of marketing and investor relations at Eurasia Drilling, said: “We selected BNY Mellon as our GDR provider due to its global infrastructure and capabilities and its proactive approach to facilitating innovation in regional markets.”
Each GDR will represent one share and will trade on the London Stock Exchange as ‘EDCL’.
Eurasia Drilling’s GDRs are not registered under the US Securities Act 1933 and so cannot be offered or sold in the US without additional registration or exemption allowances.
Christopher Kearns, CEO of BNY Mellon’s depository receipts business, commented: "We specialise in bringing the latest innovations to our clients to help them gain visibility and awareness in regional markets and around the world."
"With more than 200 DR successor mandates handled over the past 25 years, we have the expertise to make Eurasia Drilling's programme transition to BNY Mellon as seamless as possible."
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