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Date: Friday 15 Aug 2008

LONDON (ShareCast) - In a very quiet week for IPOs, Russian fertiliser company Acron confirmed that a limited number of its Global Depositary Receipts (GDRs) has started trading on the London Stock Exchange.

The group’s subsidiary Dorogobuzh sold 30,000 shares, including shares in the form of GDRs, at a price of $9.00 per GDR or $90.00 per share. Ten GDRs represent an interest in one share.

Morgan Stanley and UniCredit are serving as joint bookrunners and advising in connection with the listing, and Alfa Capital Markets is acting as co-lead manager in connection with the offering.

Acron recently postponed its original plans to place around 10% of its shares in the form of GDRs in London due to difficult market conditions.

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