Liberty Bank (the “Bank”) announced today the launch of Global Depositary Receipts (GDRs) Programme with Bank of New York Mellon. Each GDR represents 500 shares of the Bank. Liberty Bank’s ordinary shares have been listed on the Georgian Stock Exchange (www.gse.ge) since 2001 under the ticker symbol BANK (Bloomberg: BANK.GG). The Bank’s shares in the form of GDRs will be offered to international investors outside the United States.
Liberty Securities, the Bank’s wholly-owned broker-dealer subsidiary, is acting on the basis of power-of-attorney from Bank of New York Mellon in Georgia and any existing shareholder will be able to convert shares into GDRs. Tax Information, Fit & Proper and Conversion Advise relating to the Bank’s GDR Programme is available at www.libertysecurities.ge.
“Liberty Capital acquired a 91% equity interest in Liberty Bank in September 2009 and the new management team has commenced the turnaround. We have implemented a restructuring programme and in eight short months since our acquisition of the Bank we have delivered significant growth and restored the profitability. The launch of the GDR programme is intended to diversify our capital structure, funding sources and shareholder base”, commented Lado Gurgenidze, Executive Chairman of the Supervisory Board and Chief Executive Officer.