Ann: Investor Update-STL.AX, page-41

@rattle the market maker in Frankfurt has to buy the shares on the ASX and then puts them into the market on the Frankfurt Exchange.

They are open at different times to us and hence the arbitrage opportunity ability for those in Europe to buy at their time in their currency. There are not additional shares on issue and the two markets are not linked other than the fact that the market maker, if needed, will acquire further shares in STL on the ASX to put on the Boarse in Frankfurt.

Hope that helps... I am sure some investors will be monitoring both markets.