Ann: EMH Level 1 American Depository Shares Program, page-10

"Can anyone explain to me how the dual listing with the LSE works."

Pretty simple. There's 175.36M shares outstanding. Some of those shares trade on the LSE. Some of them trade on the ASX. Some on the Nasdaq International. etc.

"I don't get why there is such a big difference in price."

This one's a bit complicated. Generally, there are market makers that arbitrage between the exchanges (buying cheaper shares on one exchange and selling shares on the higher priced exchange until the price comes together). But, in low trading volume environments this doesn't always work perfectly in practice.

• The SP is just the last price shares were traded at - even if only one share trades hands. Sometimes you may see an SP posted, but the market maker can't actually buy or sell enough shares at that price (or near that price) to arbitrage the price difference.

• Since the LSE and ASX trade at different hours, sometimes low-volume volatility makes arbitrage too risky. If they traded during the same hours, the market maker could seamlessly buy and sell back and forth between exchanges as prices diverged. But, on different trading hours, the market maker has to gamble the price doesn't move too much in the interim.