Hi skypiliot, that's a great question and yes it does. Though you don't need to look at the actual trading price on both exchanges and think that arbitrage has to work this way (price specific with exchange rates applied). If, say you are dual listed here and in the USA you look at the ADR (American Deposit Receipts) and can get the AUD equivilent.
To put it into practice have a look at LGL. They are listed on the NASDAQ and ASX. The ADR after last night was $3.22, currently they are trading at $3.27 here (ASX)and the AUD may play the roll here and also the price of gold at current. They are trading at a price of around US$25.00 on NASDAQ, the amount of shares listed over there are less than here, but they are considered trading as the same entity.
There are a few ways to dual list and you don't have to match the exact numbers floated here as to there. You can use ADR's to find out the AUD equivilent. I hope I haven't confused the issue here, we may or may not list on both with UNI anyway. The great thing is that Alan and the team have set up a great mangement stable who are well versed with this.
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