You might have missed the point. They don't care what the share price is on the ASX, they probably don't even know where Australia is.
When PEN lists on NYSE the ADR will need to be over $4...The ratio could be 5 to 1 , 10 to 1 , no idea.
If PEN are pegging it at the institution / fund managers then can tweak the ratio to meet what ever hurdle is required (whilst sucking supply out of the ASX)
Doesn't matter if the SP is 90c on ASX, 10 to 1 gives $9 less Exchange rate of 70c gives an ADR of (US) $6.30
PEN Price at posting:
91.5¢ Sentiment: Buy Disclosure: Held
