Avangard establishes OTC ADR program with BNY Mellon

Avangard (LSE: AVGR LI) announced yesterday it established an OTC-traded ADR program with BNY Mellon acting as the depositary bank. The ADRs correspond to existing GDRs at a 1:1 ratio and equal ten Avangard ordinary shares. Avangard’s GDR program remains unchanged. Ruslan Patlavskyy: In our view, the new program was implemented to increase the liquidity of Avangard’s GDRs, hence should be welcomed by investors.