Shares in GW Pharmaceuticals are traded as American Depositary Receipts or ADRs on the NASDAQ stock market under the ticker symbol: GWPH.
An ADR is a negotiable U.S. certificate representing ownership of shares in a non-U.S. corporation. ADRs are quoted and traded in U.S. dollars in the U.S. securities market. ADRs were specifically designed to facilitate the purchase, holding and sale of non-U.S. securities by U.S. investors.
A depositary is a bank that facilitates cross-border trading of an issuer’s shares. Among other things, depositary banks provide ADR issuance and cancellation services, and associated stock transfer services such as maintaining the register of holders, distributing dividends in U.S. dollars, providing annual meeting services and executing corporate actions. So, in practice, the depositary bank maintains records of the holders of ADRs and manages the conversion of Ordinary Shares into ADRs.
You can buy an ADR through a broker, just as you would any other U.S. securities.
Yes, it is permissible for UK shareholders to purchase ADRs directly or to convert their UK ordinary shares into ADRs. We would advise that UK shareholders seek advice from their broker and/or tax adviser.
Holders of ADRs may authorize Citibank, GW's Depositary, to act as a proxy in exercising voting rights according to the number of ordinary shares represented by their respective ADRs.
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Chartered Accountants and Statutory Auditor
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GW's financial year ends on 30 September.