Ellies targets US market

Ellies, a manufacturer and distributor of electronic products related to television reception, says it aims to broaden its international exposure by launching an American Depository Receipt (ADR) programme.

Shares of many non-US companies trade on US stock exchanges through ADRs which also pay dividends in US dollars and may be traded like regular shares of stock.

The programme became effective on 30 August 2012.

Bank of New York Mellon has been appointed as the depository bank for the ADR Programme.

ADRs will trade on the over-the-counter (OTC) markets in the US with a ticker symbol of ELLHY with one ADR representing 20 ordinary shares.

“This programme will position Ellies shares in US markets and will broaden international exposure of Ellies´ securities and operations,” the group said in a statement on Monday (3 September).

In July, Ellies upped its headline earnings per share by 73.3% to 54.45 cents for the year ended April 2012, from 31.42 cents a year ago.

Revenue grew 30% to R1.711 billion‚ while Ebitda rose by 71% to R273.4 million.

Profit before tax rose by 73% to R230 million as a result of improved gross profit margins and capacity utilisation‚ despite a loss from an associate amounting to R4.4 million.
A cash dividend of 10 cents per share was declared.

In afternoon trade on the JSE, shares in Ellies advanced 15 cents or 2.46% to R66.25.

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Ellies targets US market