I understand the advantages of the American Depository Receipt (ADR) program to the Company and to potential US investors, but I don't understand how the ADR price is established -- i.e., according to the 17/05/2010 Company announcement the Lynas ADR ratio is 1 to 10 (i.e., each LYSDY ADR represents 10 LYC or LYSCF shares). If that is the case, and yesterday's value of LYSCF on the US market was US $0.455, then why was the ADR quoted as US $23.44, rather than $0.455 x 10 or $4.55? If someone could explain that to me, I would appreciate it.
adr pricing
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$6.40 |
Change
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Mkt cap ! $5.977B | |||
| Open | High | Low | Value | Volume |
| $6.47 | $6.47 | $6.34 | $6.621M | 1.031M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 23 | 12111 | $6.39 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $6.40 | 905 | 3 |
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