Because you just issue extra shares at whatever price is agreed and it's done. Sure they could just buy on market but AJX is fairly illiquid overall and it would be a mighty effort to get a meaningful amount of ADR shares and continually pushing the price up. Not sure whichever bank or institution organises the ADR in the US would be too happy with that.
AJX Price at posting:
54.0¢ Sentiment: None Disclosure: Held
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