Clover: ADR issue to milk offhore interest

Clover had launched a non-capital-raising, sponsored level 1 American depositary receipt (ADR) programme, the dairy producer said yesterday. The Bank of New York has been appointed as the depositary bank for the ADR programme. The programme would enhance Clover’s visibility in the US and provide investors with flexibility to invest without the issues associated with cross-border and cross-currency transactions, Clover chief executive Johan Vorster said. “We have seen a steady increase in our offshore shareholding since listing three years ago, including growing interest from US-based investors,” he said. Clover’s shares were virtually unchanged on the day, closing 1c up at R17.30 on the JSE yesterday.