Man Industries has received intimation from the Bank of New York Mellon communicating their unwillingness to continue as depository to the GDRs issued by the company. The notice inter alia, stated that if no successor depository bank was appointed on or before August 31, 2012, the depositor will terminate the depository agreement after next 90 days from August 31, 2012, i.e. anytime after November 30, 2012.
Since that time, the company has tried its best and made efforts to make the Bank of New York Mellon agree to continue their association, but to no avail. In addition, the company approached other depositors as well, but somehow, in spite of its best efforts, it has not been possible to work out an agreement with any of the other depositories.
During the year 2006, the company issued GDRs numbering 6730,770 at an offer price of $5.20 per GDR. As on date, GDRs numbering 4456,562, (7.46% of the capital of the company) remain outstanding which are equivalent to shares numbering 4456,562, as underlying securities.
