Change in ADR Ratio and ADR Depositary
24 September 2014
Smith & Nephew (LSE: SN, NYSE: SNN), the global medical technology business, announces an intended ratio change to its NYSE-listed American Depositary Receipt ("ADR") programme. The ratio will change from the current one ADR per five Ordinary Shares to one ADR per two Ordinary Shares. The anticipated effective date for the ratio change is 14 October 2014. There will be no change to the underlying Ordinary Shares.
To implement the change, ADR holders on the record at the close of business one business day prior to the ratio change taking effect will receive 2.5 ADRs for every one ADR held. Any resulting fractional ADRs will receive cash in lieu. The new ADRs are expected to be distributed on or around 14 October 2014. No action is required by ADR holders.
These changes to the ADR ratio will bring the ADR price broadly in line with the market average. Deutsche Bank has been appointed as the successor depositary bank for the ADR programme effective 1 October 2014.
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Enquiries
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Investors
Ingeborg Oie
Smith & Nephew
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+44 (0) 20 7401 7646
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Media
Charles Reynolds
Smith & Nephew
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+44 (0) 20 7401 7646
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Debbie Scott / Matthew Cole
FTI Strategic Consulting
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+44 (0) 20 3727 1000
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About Smith & Nephew
Smith & Nephew is a global medical technology business dedicated to helping healthcare professionals improve people's lives. With leadership positions in Orthopaedic Reconstruction, Advanced Wound Management, Sports Medicine and Trauma & Extremities, Smith & Nephew has around 14,000 employees and a presence in more than 90 countries. Annual sales in 2013 were more than $4.3 billion. Smith & Nephew is a member of the FTSE100 (LSE: SN, NYSE: SNN).
For more information about Smith & Nephew, please visit our corporate website www.smith-nephew.com, follow @SmithNephewplc on Twitter or visit SmithNephewplc on Facebook.com
Forward-looking Statements
This document may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growth and trading margins, market trends and our product pipeline are forward-looking statements. Phrases such as "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. For Smith & Nephew, these factors include: economic and financial conditions in the markets we serve, especially those affecting health care providers, payers and customers; price levels for established and innovative medical devices; developments in medical technology; regulatory approvals, reimbursement decisions or other government actions; product defects or recalls; litigation relating to patent or other claims; legal compliance risks and related investigative, remedial or enforcement actions; strategic actions, including acquisitions and dispositions, our success in performing due diligence, valuing and integrating acquired businesses; disruption that may result from transactions or other changes we make in our business plans or organisation to adapt to market developments; and numerous other matters that affect us or our markets, including those of a political, economic, business, competitive or reputational nature. Please refer to the documents that Smith & Nephew has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Smith & Nephew's most recent annual report on Form 20-F, for a discussion of certain of these factors. Any forward-looking statement is based on information available to Smith & Nephew as of the date of the statement. All written or oral forward-looking statements attributable to Smith & Nephew are qualified by this caution. Smith & Nephew does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in Smith & Nephew's expectations.
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