Placement of Shares on Foreign Stock Exchanges by Ukrainian Issuers

29 Июн

Статья посвящена сравнительному исследованию преимуществ и недостатков первичного размещения акций или глобальных депозитарных расписок их эмитентами на международной валютной бирже (IPO)

The following schemes may be used:

a)     direct placement of shares in the issuer on a foreign stock exchange;

b)    placement of GDRs (Global Depositary Receipts) of the issuer on the basis of the Ukrainian shares;

c)     placement of GDRs of a foreign holding company that owns the majority of the Ukrainian shares in the issuer;

d)    placement of shares in the foreign holding company on a foreign stock exchange.

According to the Ukrainial laws the procedure of direct placement of shares in the issuer on a foreign stock exchange, unlike GDRs, is rather problematic.

Moreover, taking into consideration all technicalities determined by the Ukrainian laws, the authors do not consider this option to be realistic.

GDRs are issued by a depositary banks. Since GDRs are not Ukrainian securities and are not intended for circulation on the Ukrainian securities market, thus, their issuance and circulation are generally beyond the scope of the Ukrainian legislation.

Источник: the Ukrainian Journal of Business Law. – 2011. – № 6. – P. 14 – 16.