your money your call, page-39

havent read all thread but does nasdaq mean current shareholders are given shares on the nasdaq...ie if i have 10000 shares and they go 30:1 do i get 333 nasdaq shares which i can then sell at a time that suits me.


No. You don't get given anything. It just allows PRR shares to trade on the NASDAQ, under PMBD ticker.

As I understand it, 30 PRR shares are bundled up as one PMBD share. Initially, BNYM will hold all the PMBD shares, which they get only by buying PRR shares. As US investors buy PMBD, initially off BNYM, then they will begin to trade them among themselves. I don't know what, if any, process there is for converting the PMBD back to PRR. I'm also wondering how closely the AUD equivalent PMBD price will track 30 x PRR price. If PMBD/PRR shares could be sold on either exchange (i.e. the PMBD price is 10% above the 30xPRR price, I'll buy 3M PRR shares on the ASX and sell them as 100,000 PMBD shares on the NASDAQ) then the price would obviously track fairly well. But if the two can only be traded on their respective exchanges that opens up the possibility of significant price divergence. I wonder if BNYM will act as a market maker too, i.e. keep placing bids and offers (with a buy/sell spread) that keep PMBD shares at the equivalent PRR price? Also then, BNYM will obviously be able to regulate supply and demand somewhat. If US investors started dumping PMBD and BNYM was picking them up, they may end up with an excess to dump on the ASX, forcing prices down here too.

I suppose it comes down to BNYM being the go-between to price regulate, they will buy their holdings from the cheapest market and sell them on the other, perhaps even to the point of being a market maker here too.