Acron to list on LSE

After deciding not to go ahead with a 10% share placement in July, Russian fertilizer producer Acron has announced that it will proceed with a smaller listing on the London stock Exchange.

Acron has announced that its subsidiary Dorogobuzh will offer 30,000 shares, representing 0.6% of Acron’s share capital, on the LSE.  They will be offered in the form of GDR’s and shares with 10 GDRs equaling one share.  GDR’s will be offered for $9 apiece and shares for $90.  It is expected that they will debut on the LSE on August 11 under the ticker AKRN, under which they already trade on the RTS and Micex.

The announcement comes after the company abandoned plans to list 10% of its shares on July 29, citing market conditions.  The price for that listing was $120-$150 per share.