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BNY Mellon has been appointed as sponsored depositary bank by David Jones Limited for the company’s American depositary receipt (ADR) programme. Previously, the retailer traded as an unsponsored ADR programme serviced by multiple depositaries. Each David Jones ADR represents one ordinary share and trades on the US over-the-counter market under the symbol DJNTY. Its ordinary shares trade on the Australian Stock Exchange under the symbol DJS.
Established in 1838, David Jones is Australia’s oldest department store brand and the oldest department store in the world trading under its original name. It has a network of 36 stores across the country and flagship properties in Sydney and Melbourne.
“The establishment of our sponsored ADR program meets the growing US investor demand for our security,” said Helen Karlis, general manager of investor relations and corporate affairs for David Jones. “As our international capital markets needs continue to develop, we are confident BNY Mellon’s expertise will be invaluable in helping us to diversify our US shareholder base and maximizing the visibility of our DR programme.”
David Jones is the 28th sponsored DR programme created for an Australia-based company in the last 12 months, including last week’s listing of Prima BioMed on Nasdaq. BNY Mellon has been named depositary for 27 of those listings.
“US investors continue to seek diversified returns and Australia offers a wide range of options across industries,” said Greg Roath, head of BNY Mellon’s depositary receipts business in Asia-Pacific. “Australia’s developed consumer market is often overshadowed by the country’s natural resources sector and left out of typical approaches to the global consumerism investing theme. This new listing for David Jones helps broaden choices in this important sector.”
