7 Sep 2009 07:00
7 September 2009
Andes Energia plc
("Andes" or the "Company")
Andes trading of ADRs
The Board of Andes (AIM: AEN), the Latin American energy group, is pleased to announce that it has established a Sponsored Level 1 American Depositary Receipt ("ADR") program with BNY Mellon as the ADR depositary bank, with each ADR representing 50 ordinary shares listed on the AIM market. The ADRs will trade on the OTC market in the US under CUSIP number 034196105. Andes's ordinary shares will continue to trade on AIM.
"We created the ADR program to broaden our existing shareholder base and increase the Company's visibility with investors in the US," said Luis Alvarez Poli, Chief Executive Officer of Andes. "Our ADR facility will provide US investors with an easier way to participate in Andes's future performance. "
For further information please contact:
| Andes Energia plc | Luis Alvarez Poli, CEO Nigel Duxbury, FD | T: 020 7495 5326 |
| Arbuthnot Securities | James Steel Antonio Bossi | T: 020 7012 2000 |
| Bishopsgate Communications | Nick Rome Michael Kinirons | T: 020 7562 3350 |
Note to Editors:
About Andes
Andes is a Latin American energy group, with electricity distribution, hydro-electric power and oil and gas interests in Argentina. The Company's focus is on the Argentinean energy sector, which it believes offers premium assets at undervalued prices.
About American Depositary Receipts
ADRs are commonly used to facilitate US investors investing in non-US companies that are not directly listed in the USA. An ADR is created when a broker purchases the company's shares on the home stock market and delivers those to the depositary's local custodian bank, which then instructs the depositary bank to issue ADRs. ADRs may trade freely, just like any other security, in the US over-the-counter (OTC) market.