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Dr. Palms
Sovetnik Pravitelstva CWA, Tovarichestvo Palmsa, Inc.
Investment Bankers. Washington, United States of America.
Russian companies may now begin to issue American Depository Receipts
in the U.S. Capital Markets. An ADR is a dollar-denominated security traded
on U.S. stock exchanges and settled in the same way as other U.S. Securities.
The ADR represents the underlying ruble-denominated stock of the Russian
company issuing the ADR's. Such shares are held on deposit in Western institutions.
An ADR can be listed or unlisted on the Exchanges of the U.S. Shares already
issued by the Russian issuer do not have to be registered with the S.E.C.
SEC registration is required for a Stock Exchange listing or for ADR's
which are offered in connection with new securities issues.
The Sept 7 decisions allows Russian companies to submit applications
to the SEC for approval to issue ADR's on an individual basis. Prior to
Sept 7 the SEC did not accept filings form Russian corporations issuing
stock LUKoil, Chernogorneft, Avtovazbank and GUM will be interested in
this new opportunity.
ADR's avoid the problems of the Russian securities market since they
are traded and settled in dollars. They are cleared through a recognized
clearing system and are registered under U.S. regulations. Russian problems
of share registration, clearing and settlement of trades are avoided.
Russian companies will now be able to reach institutional investors
in the U.S. that until now were prohibited from buying Russian securities..
Now they may buy ADR's. This as an important capital source for Russia.
Even if Russia attracts only 2% of the money managed by U.S. institutional
investors they would receive $40.000,000,000,00. Russia would also gain
a broader investor base and more liquidity for their shares.
It will be really important progress when the first Russian company
meets the Generally Accepted Accounting Practices and SEC filing requirements
necessary to raise fresh capital in the United States.
disclosures. we invite your inquiries
For discussions in Russian language in Moscow 7-095-324-6134 æÁËÓ 7-095-324-4249, Alexander Wislobokov
For discussions in Russian language in United States of America, Washington D.C., Tel: 1-703-818-0508 Fax: 1-703-818-00236 , Email: sanich@juno.com Alexander Goldenberg
For discussion in English or Dutch: 1 425 828-6774 E-mail: palms@PeterPalms.com Dr. Pyotr Joannevich van de Waal-Palms
Offices in Vilnius Lithuania E-mail serg@novatex.lt,
Grigorij Kolesnikov
2012 Vilnius, Zirmunn 58-41, Fax: (3702) 42-54-40 Tel: 3702 72-11-34
Other e-mail: root@gigrin.aiva.lt or novatex@taide.lt
Offices in Gomel, Belarus: David Sticknety, E-mail david@belarus-online.com
IAEWP I.L. U.N. P.O. Box 97 Gomel 246050
Tel: 375-232-54-4404, Pager (Russian only) 375-232-53-9130 - A770
Office in St. Petersburg: Tate Ulsacker, Dun & Bradstreet Nord, Tel: ( ) , Fax ( ) E-mail <idcinfo@cityline.ru palms@m16.medport.ru
UKRAINE Oleg Jourin PhD
P.O. Box 25 Lutsk-23 City Volyn Region, Ukraine 262023
Tel: 380-3322-45521 Fax: 380-3344-30631
http://www.theoffice.net/patron
E-mail: patron@theoffice.net
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