Ann: Appendix 4C and Quarterly Activities Report, page-313

I don't think you understand the whole point of the ADRs.
They are not a trading instrument, they are an investment instrument.

The only real benefit, not realised is "possibly" (don't make me read and digest the whole thing ) the inability to vote.
If some entity wanted that right, they could convert, but in the early days, they are unlikely to have enough shares, to make a difference anyway..

The ADRs, were introduced, so that US funds and organisations, who were restricted in shares they could buy, due to price point (have to be over USD15), could buy the ADRs instead.
It's not to save on the $50 transaction fee, or whatever..

This buying, has barely materialised yet and will need a catalyst, similar to Mercedes, in the US.

Once the 50 million shares comprising them have been allocated, the next ADR tranche is likely to be set at 15 or 20 per unit.

My opinions and understandings only.
GLTA!