BT Group: JPMorgan has placed 46.7 million shares
(CercleFinance.com) - JPMorgan Chase said on Wednesday that it has placed 46.
7 million BT Group shares via an accelerated bookbuilding on behalf of the remaining holders of the British telecom group's ADRs.
The final offer price was set at 127.5 pence per share, the US investment bank said, with gross proceeds equalling approximately 59.5 million pounds (about 65.5 million euros).
The move comes after BT's decision last year to deregister its shares from the US Securities and Exchange Commission (SEC) and to terminate its ADR program.
After that, JPMorgan - BT's ADR programme depositary - sent all ADR holders a notice of termination, so they can receive five BT ordinary shares for each ADR.
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