{"id":21308,"date":"2012-09-03T15:20:12","date_gmt":"2012-09-03T13:20:12","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=21308"},"modified":"2012-09-04T19:28:45","modified_gmt":"2012-09-04T17:28:45","slug":"ellies-targets-us-market","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/telecommunications\/21308\/ellies-targets-us-market\/","title":{"rendered":"Ellies targets US market"},"content":{"rendered":"

Ellies<\/a>, a manufacturer and\u00a0distributor\u00a0of electronic products related to television reception, says it aims to broaden its international exposure by launching an American Depository Receipt (ADR) programme.<\/p>\n

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.<\/p>\n

The programme became effective on 30 August 2012.<\/p>\n

Bank of New York Mellon<\/a> has been appointed as the depository bank for the ADR Programme.<\/p>\n

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.<\/p>\n

\u201cThis programme will position Ellies shares in US markets and will broaden international exposure of Ellies\u00b4 securities and operations,\u201d the group said in a statement on Monday (3 September).<\/p>\n

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.<\/p>\n

Revenue grew 30% to R1.711 billion\u201a while Ebitda rose by\u00a071% to R273.4 million.<\/p>\n

Profit before tax rose by 73% to R230 million as a result of improved gross profit margins and capacity utilisation\u201a despite a loss from an associate amounting to R4.4 million.
\nA cash dividend of 10 cents per share was declared.<\/p>\n

In afternoon trade on the JSE<\/a>, shares in Ellies advanced 15 cents or 2.46% to R66.25.<\/p>\n

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Ellies says it aims to broaden its international exposure by launching an American Depository Receipt (ADR) programme.<\/p>\n","protected":false},"author":9,"featured_media":18484,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[25,557,845],"class_list":["post-21308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-telecommunications","tag-active","tag-ellies","tag-usa"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/21308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=21308"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/21308\/revisions"}],"predecessor-version":[{"id":21312,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/21308\/revisions\/21312"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/18484"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=21308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=21308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=21308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}