Accelleron will be phasing out its Swedish Depository Receipt (SDR) program in accordance with its planned schedule
Notification | Baden, Switzerland | Aug 28, 2023
Termination of Accelleron Industries Ltd Swedish Depository Receipt (SDR) program, SE0018536682
In connection with the Accelleron Industries Ltd (“Accelleron”) spin-off from ABB Ltd (“ABB”) in early October 2022, ABB shareholders received one Accelleron share for every twenty ABB shares. In Sweden, such shares have been delivered in the form of Swedish Depository Receipts ("SDR"). The SDRs have the ISIN SE0018536682 and each SDR represents and is convertible into one ordinary Accelleron share (ISIN CH1169360919).
As stated in ABB’s shareholder information brochure in regards of the spin-off of Accelleron and in the respective section on the Accelleron website (www.accelleron-industries.com/sdr), the SDR program was established for a limited period of time of a maximum of 12 months from October 2022. According to the terms and conditions of the SDR program, upon termination, all remaining holders of SDRs who have not instructed their bank or custodian to convert their SDRs into ordinary Accelleron shares, will automatically have their SDRs redeemed in cash by Skandinaviska Enskilda Banken AB (publ) (“SEB”). By date of publication, approximately 500,000 SDRs are still outstanding.
Accelleron has requested that SEB terminates the SDR program with a record date of September 18, 2023. Accordingly, the last date for requesting a conversion of SDRs into ordinary Accelleron shares will be on September 11, 2023 (15:00 CEST).
Accelleron in conjunction with SEB has agreed to redeem the outstanding Accelleron shares representing the remaining SDRs on behalf of each SDR holder. The price to be paid to SDR holders is agreed to be the average share price based on the termination transactions carried out by SEB on the SIX Swiss Exchange for the period starting on market opening on September 18, 2023, and ending after market close on September 29, 2023. The complete proceeds, less fees and reasonable cost, shall be paid after its conversion by SEB into SEK in accordance with the exchange rates applied by SEB from time to time, which shall be set in accordance with public market rates to the cash account linked to the respective VPC account of the SDR holder concerned.
Key Dates for the termination of the SDRs
- 11 September 2023 (15:00 CEST): Last date for requesting a conversion of SDRs into ordinary Accelleron shares. Any unsettled conversion instructions will be cancelled.
- 18 September 2023: Record date for termination of the SDR program
- On or about 6 October 2023: Pay date for the terminations proceeds of the SDR program
More information can be found here: https://accelleron-industries.com/sdr/en