FCL lifts ratio
Fletcher Challenge is increasing its ratio of ordinary shares per American Depositary Receipt (ADR) from 2:1 to 10:1 effective from August 1, 1989. The company began a sponsored ADR programme in the U.S. market in 1988, as a means of allowing Americans to trade in the group’s shares. At the current ratio of two shares per ADR, some 321,000 ADRs are backed by some 642,000 ordinary shares. They trade in the U.S. over the counter at prices ranging from SUSS to SUS 7 each. Oil slump Crude oil prices have dropped sharply, reacting to a prospect of generous O.P.E.C. and North Sea supplies and signs petrol demand is less brisk than expected. The average world crude oil spot price, according to a daily index produced by National Westminster Bank, is now 5U516.35, down from SUSI 7 a week ago. It is thought that it may drop by late August to around SUSIS a barrel. But a floor may then be put under the market as it looks ahead to a September 22 meeting of O.P.E.C.
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Press, 27 July 1989, Page 36
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178FCL lifts ratio Press, 27 July 1989, Page 36
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