Ashanti introduces Zimbabwe depositary receipt facility.NEW YORK--(BUSINESS WIRE)--April 25, 1997--Ashanti Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. Company Limited ("Ashanti") announces the creation of a Zimbabwe Depositary Receipt depositary receipt A negotiable certificate that represents a company's publicly traded debt or equity. Depositary receipts are created when a company's shares or bonds are delivered to a depositary's custodian bank, which instructs the depositary to issue ("ZDR ZDR Zeroth-order Design Report ZDR Zone Distribution Rectangle ZDR Zen Do Ryu (freestyle Karate) ZDR Zeus Discrimination Radar ZDR Zero-Ductility Range ZDR Zone Density Recording ") facility for its ordinary shares quoted on the Zimbabwe Stock Exchange The Zimbabwe Stock Exchange, or ZSE, is a small but active stock exchange in Africa. It has been open to foreign investment since 1993. It has about a dozen members and over 65 listed securities. ("ZSE ZSE Zimbabwe Stock Exchange ZSE Zagreb Stock Exchange (Croatia) "). Since its listing on the ZSE in May, 1996, Ashanti's ordinary shares have traded in a range between Z$90 and Z$135, which has been at a discount to the Ashanti share price on other stock exchanges. This has been partly as a result of the small number of Ashanti shares on the Zimbabwe branch register, which has made Ashanti shares relatively difficult to trade on the ZSE. In order to facilitate increased trading of Ashanti equity on the ZSE, Ashanti has created the ZDR facility to enable shareholders on the Zimbabwe register to exchange each Ashanti ordinary share for 100 Ashanti ZDRs. The Ashanti ZDRs will be listed on the ZSE and it is anticipated that the price of an Ashanti ZDR will be approximately 1/100th of the current trading price Trading price The price at which a security is currently selling. of Ashanti shares on the ZSE. Deloitte & Touche Executor executor n. the person appointed to administer the estate of a person who has died leaving a will which nominates that person. Unless there is a valid objection, the judge will appoint the person named in the will to be executor. and Trust Company (Private) Limited has been appointed as the Depositary to hold the Ashanti ordinary shares on behalf of those shareholders wishing to convert their shares into Ashanti ZDRs and the transfer secretary for the ZDR facility is Syfrets Corporate and Merchant Bank, Harare. Dealings in Ashanti ZDRs are expected to commence on the ZSE on May 16, 1997 and if all Ashanti shareholders on the ZSE convert their Ashanti shares into ZDRs, it is anticipated that the volume of trading will increase as shareholders will have more Ashanti securities with which to deal. Sam Jonah, chief executive of Ashanti Goldfields, commenting on the introduction of the Ashanti ZDR facility said, "I believe that the new Ashanti security will enable a wider constituency of shareholders in Zimbabwe to participate in the future growth of Ashanti Goldfields following its successful acquisition in 1996 of the Freda-Rebecca Mine in Bindura, the single largest gold mine in Zimbabwe. Since acquiring the mine, Ashanti has achieved an increase of 38 percent in resources and an eight percent increase in annual gold production. In addition, the expansion of the treatment plant in 1997 is expected to realize an additional increase in production from 1998 onwards." CONTACT: Ashanti Goldfields Company Limited James Anaman, (233) 21 7781 178 or Shandwick Consultants John Goold (London), (44) 171 329 0096 Allan Jordan (New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ), 212/697-9191 Terence Maher (Melbourne), (613) 9209 9320 |
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