A shareholder wishing to convert Johannesburg Stock Exchange-listed ordinary shares into ADRs should, in the first instance, request that their broker contact the ADR Broker Desk at The Bank of New York. Contact details can be found below;
Tel: +44 (0) 20 7964 6089
Fax: +44 (0) 20 7964 6024
Tel: +1 212 815 2077
Fax: +1 212 5713050
Alternatively, the shareholder may contact the ADR Broker Desk at The Bank of New York direct.
1. When contacting the ADR Broker Desk, the broker will be asked to confirm the following information:
a. the number of ordinary shares the shareholder wishes to convert into ADRs (based on the current ratio of 1ordinary share equals 1 ADR);
b. the custodian name, account name and account number of the account in South Africa from which the ordinary shares will be delivered;
c. the number of the DTC account in the US to which the shareholder wishes their ADRs to be credited. If the shareholder does not have a DTC account, they will need to appoint a nominee (e.g. a broker) to hold the ADRs on their behalf.
2. Once these details have been confirmed, the broker (or shareholder) should instruct the delivery of the ordinary shares from their custody account in South Africa
3. On the day that the local custodian confirms to The Bank of New York that the ordinary shares have settled in The Bank of New York account, The Bank of New York will instruct the delivery of the equivalent amount of ADRs to the requested DTC account.
4. A fee per ADR issued is payable to The Bank of New York upon the delivery of the ADRs. Most commonly, when The Bank of New York delivers the ADRs to the specified DTC account, this is done on a delivery versus payment (DVP) instruction against the conversion fee. If an alternative method of payment is required, please contact the Broker Desk for further details. Where the DTC account is operated by a broker on behalf of a shareholder, the broker should confirm to the shareholder that it has received the ADRs and is holding them on his/her behalf.