Horizon targets US investors with ADR listing

Iseq-quoted Horizon Technology Group has put in place a Level 1 Over-The-Counter (OTC) ADR (American Depositary Receipts) Programme, which becomes effective today.

ADR is a stock that trades in the United States but represents a specified number of shares in a foreign corporation.

They are bought and sold on American markets just like regular stocks, and are issued/sponsored in the US by a bank or brokerage.

The Bank of New York has been appointed as Horizon's ADR Depositary Bank.

Horizon will trade under the OTC symbol: HZNTY and the CUSIP: 44044A103.

Each ADR will represent 10 Horizon ordinary shares which trade on the Irish and London stock exchanges.

Cathal O'Caoimh, chief financial officer at Horizon said today: "Horizon is committed to developing a US capital markets presence. A level 1 ADR programme is a credible step towards that objective,"

"We look forward to building relationships with US investors and to a long and successful relationship with The Bank of New York."

Shares in Horizon were trading at 87c on the Iseq this morning.