It's both. You will be able to sell your shares as ADR's on the Nasdaq or sell on the ASX. That's my understanding. IHL is not going anywhere. SO you can relax. The only way ADR's can be created is converting IHL ASX shares to ADR's. There is no IPO so all shares must come from IHL shareholders.
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-49
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