The Jefferson Smurfit Group has moved to improve the liquidity of its American Depository Receipts (ADRs) trading on the New York Stock Exchange. The group announced yesterday that the new arrangements would allow ADR investors to avail of comparable liquidity on the New York Exchange to the London or Dublin markets. It added that it believed comparatively low ADR liquidity was regarded as an obstacle by US investors. Smurfit was one of the first European paper and forest products companies to undertake an ADR listing in 1995. Each ADR represents 10 ordinary shares. Approximately 8 per cent of the ordinary share capital is held in ADR form.