Westfield Group establishes ADR program
21 November 2006
The Westfield Group (ASX: WDC) announced today that it has established a Level I American Depositary Receipt (ADR) program which will permit investors to invest in Westfield Group through a US traded security.
Westfield is pleased with the opportunity to expand its investor base in the United States, said Group Managing Director Peter Lowy. We believe there are a number of institutional investors who wish to invest in the Group but prefer to do so through a US traded security which will now be possible through this ADR program.
Each ADR represents two existing WDC securities and will trade on the US over-the-counter market under the symbol WFGPY. The ADR program does not involve the issuance of new stapled securities or the raising of new capital by the Group.
The Bank of New York will serve as the depository bank.
The Westfield Group (ASX Code: WDC) is an internally managed, vertically integrated, shopping centre group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities and employing in excess of 4,000 staff worldwide. It has investment interests in 121 shopping centers in four countries, with a total value in excess of A$57 billion and is the largest retail property group in the world by equity market capitalisation.
Except for the historical facts, the statements in this press release regarding the Westfield Groups business activities are forward-looking statements that involve risks and uncertainties. These risks and uncertainties could cause actual results to differ from those contained in the forward-looking statements.
This press release is not an offer or solicitation of an offer of securities by the Westfield Group for the purchase or sale of any securities nor does it constitute an offer or solicitation to any person in any jurisdiction where solicitation would be unlawful. Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration.