The ADR programme
ADR Programmes have played an important role in international corporate financing for over 70 years. American Depository Receipts (ADRs) are certificates issued in Swisscom's name and traded like shares. They form an additional investment opportunity, in particular for (private) investors in the USA.
To lighten the title, Swisscom's ADRs were quoted at a ratio of 10:1 to the underlying share. This made them easier to trade and brought them in line with the range of ADR prices of most other telecommunications companies. In legal terms, owners of ADRs enjoy the same status as shareholders and are entitled to one vote for every ten ADRs owned. Owners have the right to participate in the Annual General Meeting and to exercise their voting rights. They are also entitled to dividends declared by the Annual General Meeting.
Since its quotation in 1998, Swisscom has conducted a level 3 programme and is quoted on the New York Stock Exchange (NYSE). In accordance with the changes to the SEC rules introduced in Spring 2007 which have made deregistration simpler within the framework of the Exchange Act, the Swisscom Board of Directors decided to delist its shares from the NYSE and to end its reporting obligations under the Exchange Act by deregistering. The withdrawal took place at the end of August 2007. The current ADR level 3 programme was replaced by a level 1 programme
with over-the-counter trade.
Key data on the ADR programme:
- Marketplace: Over-the-counter trade (OTC)
- Symbol: SCMWY
- Pink Sheets ID: 69769
- ISIN number: CH00874251.9
- CUSIP for ADR: 871013108
Swisscom's ADR Programme is supervised by the Bank of New York. For further details, see www.adrbny.com.