[Federal Register Volume 59, Number 44 (Monday, March 7, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-5108]


[[Page Unknown]]

[Federal Register: March 7, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 33694/February 28, 1994]

 

B.A.T. Industries, p.l.c., Sponsored American Depositary Receipts

    The American Stock Exchange Inc. (``Amex'' or ``Exchange'') has 
filed an application pursuant to rule 12f-2(b) under the Securities 
Exchange Act of 1934 (``Act'')\1\ for a determination that the above-
mentioned stock is substantially equivalent to the unsponsored American 
Depositary Receipts (``unsponsored ADRs'') representing American 
Depositary Shares (``ADS''), in turn representing ordinary shares of 
B.A.T. Industries, p.l.c. (``B.A.T.'' or ``Company'') currently 
admitted to unlisted trading privileges on the applicant Exchange.
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    \1\17 CFR 240.12f-2 (1993).
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    According to the Exchange, the ordinary shares of B.A.T. were 
admitted to unlisted trading privileges on the Amex on June 27, 1921. 
The shares were thereafter converted to unsponsored ADR form in March 
1928, and those unsponsored ADRs are presently trading on the Amex.
    According to the Exchange, the Company is proposing to consolidate 
these unsponsored ADRs into one sponsored ADR pursuant to an 
arrangement with the Bank of New York. The sponsored ADR represents an 
ADS evidencing two B.A.T. ordinary shares of nominal value of 25 pence 
each. The unsponsored ADRs similarly represented an ADS evidencing one 
B.A.T. ordinary share. The Exchange states that the change does not 
alter the capitalization of B.A.T. and is, if anything, beneficial to 
the rights of the ADR holders.
    The Commission having duly considered this matter, and having due 
regard for the maintenance of fair and orderly markets and the 
protection of investors, finds that the above-mentioned sponsored ADRs 
are substantially equivalent to the unsponsored ADRs theretofore 
admitted to unlisted trading privileges.
    It is ordered, pursuant to sections 12(f) of the Act and rule 12f-
2(b) thereunder, that the above-mentioned application of the Amex is 
hereby granted.

    By the Commission.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-5108 Filed 3-4-94; 8:45 am]
BILLING CODE 8010-01-M