I assume this is just to down to the issue of the latest ADRs. Presumably MS was the underwriter, with MUFJ acting as custodian (or some similar structure).
There were 339K ADRs issued, MS took 213k on their books (presumably with smaller buyers taking up the remaining 120k). MS were then on-selling those to other buyers, as underwriters generally do, and sale completed on the 18th. Almost all of it would have been off-market transfers.
That's my take, anyway.
I assume this is just to down to the issue of the latest ADRs....
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