MOSCOW — Analysts at large investment companies and banks approve of LUKoil's decision to change the ratio for conversion of its shares into ADRs from the existing 1:4 to 1:1. Analysts say the ADR-split will permit LUKoil to attract minor investors, a sound step towards raising the company's liquidity. Yet, experts believe no direct influence on the price for the company's ADRs should be anticipated.
On May 2005, in line with its ADR program, LUKoil proposes to cut the number of shares per ADR fourfold. As a result, current ADR holders will receive 3 more ADRs for each ADR they possess.