Bank Of New York Announces Dniproazot 1:125 Reverse Stock Split On Its GDRs

The Bank of New York announced last night that Dniproazot (DNAZ: SELL) had affected a 1:125 reverse stock split on its GDRs, which will change the ratio of its GDR program. According to the bank, DNAZ’s ration of one Global Depositary Share (GDS) representing 20 ordinary shares will change to one Global Depositary Share (ADS) representing 2500 ordinary shares. For this reason Dniproazot GDS holders are required to exchange their GDSs for cancellation in order to get new GDS. GDR holders will receive one new GDS for every 125 old GDSs they turn in. Only whole GDSs will be distributed.