5. data and comments. 5, page-6

re: listing on the nasdaq These statements were made:

"EPTNF is an UnSponsored ADR

EPTNF can become a Sponsored ADR in the future

Epitan was involved in setting up the EPTNF shares for trading (they may be planning to go Sponsored in the future)"
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Comment:
EPTNF is not an ADR as this is traded at a much higher level. (EPTNF's are OTC's -over the counter pink sheets).

The OTC's do not have many rules but the ADR has. An ADR is a "Share" as understood by the Yanks but in reality, if listed, it would have more than one ASX EPT share.

I forgot the initial minimum amount in $US an ADR has to be. It is in the Nasdaq ADR rules somewhere, say it is $US5.

At a rate of 69 cents and a sharemarket price of $A78 cents, you will need 9.2 shares, say 10 EPT.AX shares to make up 1 ADR. (the 10 shares are still 1 "share' in the US SE media and are sold as such.

There are 2 ways of getting the shares initially listed as ADRS at the Nasdaq:
1. Issue a bundle of these and float them.
2. The US market maker (MM) buys them in Australia and list them at the Nasdaq.
(If these EPTNF pink sheets were isued by EPT, then these can be upgraded after a period. I won't comment on non sponsered pink sheets).

Once the ADR system is in place, the foreigner and Aussie can buy either from the ASX or from Nasdaq.

Americans tend to be holders so if EPT performs, you will find that a shortage of shares will occur at the Nasdaq end. So, the US market maker or his agent buys some more here in Australia.
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And this replenishing has caused a significant rise in the Aussie NRT shares which are listed as NVGN (Novogen) at the Nasdaq.
I am going to mention a few sites/posts which will show what happens with ADRS-in this case with NVGN ADRS:

14.3 To convert NVGN ( Nasdaq) into NRT ($A):
http://www.ozestock.com.au/MessageView.asp?PostID=203434&Symbol=NRT

14.4 Big_One: Procedure: NTR shares and NVGN ADRs ( American Depository Receipts):
http://www.ozestock.com.au/MessageView.asp?PostID=191140&Symbol=NRT

14.5 DEPOSITARY RECEIPTS (ADR's):
http://www.adrbny.com/dr_profile.jsp?cusip=67010F103


Gerry