OREANDA-NEWS. On August 04, 2008 Russian mineral fertilizer producer Akron has opted to float GDRs for a mere USD 2 mn this week in order to obtain a listing on LSE after rejecting an SPO in London on July 29 due to unfavorable market conditions, a source on the financial market said.

"The placement will take place, but in a different form. The company intends to arrange a GDR program in any case and float shares at market prices on Monday or Tuesday for a total of about USD 2 mn", one source said.

As part of SPO preparations the company "saw great interest" on the part of investors and said it has not abandoned plans to obtain a listing in London.