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Acron floats small stake
Mon, 01 Dec, 2008
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Acron floats small stake
Tue, 12 Aug 2008, 11:38:00
<b>Acron</b>, the Russian fertiliser company, confirmed today that a limited number of its Global Depositary Receipts (GDRs) has started trading on the London Stock Exchange.<br /><br />The group's subsidiary Dorogobuzh is selling 30,000 shares, including shares in the form of the GDRs, at a price of $9.00 per GDR or $90.00 per share. Ten GDRs represent an interest in one share.<br /><br />Morgan Stanley and UniCredit are serving as joint bookrunners and advising in connection with the listing, and Alfa Capital Markets is acting as co-lead manager in connection with the offering.<br /><br />Acron recently postponed its original plans to place around 10% of its shares in the form of GDRs in London due to difficult market conditions.<br />
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