HONG KONG, Dec. 19, 2017 (GLOBE NEWSWIRE) -- Agria Corporation (“Agria” or “the Company”), today announced that, pursuant to a prior notification from Agria to The Bank of New York Mellon (the “Depositary”), the Depositary has provided a termination notice regarding Agria’s American depositary receipts ("ADR") program to the owners and holders of the American Depositary Shares (“ADSs”).
Owners and beneficial owners of the ADSs have been notified that the Depositary will terminate the Deposit Agreement, dated November 6, 2007 between the Company, the Depositary, and the owners and holders of the ADSs. As a result the existing ADR facility will be terminated effective at 5:00 pm (US Eastern Standard Time) on January 2, 2018.
Holders may elect to convert their ADSs for the underlying ordinary shares (one ADS represents two ordinary shares), for which there is no public trading market currently. After May 7, 2018, under the terms of the Deposit Agreement, the Depositary may attempt to sell any unclaimed underlying shares. If a holder does not surrender their ADSs for delivery of the ordinary shares before May 7, 2018, the holder will lose the right to receive ordinary shares of Agria and instead will be entitled, upon subsequent surrender of their ADSs, to receive the net proceeds of any sale of the underlying shares. However, the Depositary may not be able to sell the ordinary shares or receive any value for the ordinary shares due to the lack of public trading. If the Depositary is unable to sell any ordinary shares underlying any ADSs unclaimed by their holders, the Depositary will continue to hold such underlying ordinary shares and holders will continue to be able to convert their ADSs for the underlying ordinary shares.
Holders that surrender ADRs for delivery of ordinary shares will be required to pay a cancellation fee of US$5.00 or less per 100 ADSs with the number of ADSs rounded up to the nearest hundred, plus a US$17.50 cable fee and any other taxes or other governmental charges which may be owed.
The Company recommends that any party surrendering ADSs for receiving ordinary shares consult with their local market agent or brokerage to ensure that delivery instructions are properly provided and that any and all local market requirements have been satisfied to allow for timely delivery of securities.
About Agria Corporation
Agria is a global agricultural company with three principal business segments: Seed and Grain; Crop Protection, Nutrients and Merchandise; and Rural Services. The Seed and Grain segment is engaged in research and development, production and sale of a broad range of seed products and trading of seed and grain products globally. The Crop Protection, Nutrients and Merchandise segment operates an extensive chain of retail stores that supply farm input materials. The Rural Services segment provides livestock trading, wool trading, irrigation and pumping, real estate agency and other agriservices. For more information about Agria Corporation, please visit www.agriacorp.com.
Contact:
The Blueshirt Group
Asia
Gary Dvorchak, CFA
Phone (China): +86 (138) 1079-1480
Email: gary@blueshirtgroup.com
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Ralph Fong
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Email: ralph@blueshirtgroup.com