re: Ann: Entellect's Recent Operational I... That is not actually correct Andy but there is always confusion around ADR's.
On the level 1 ADR the Australian broker buys on market, it is converted to an American Depository Receipt (ADR) usually at 50 or 100 to one and the ADR is given a ticker and traded over the counter in the US.
The Depository takes a clip of the trade as does the brokers at both ends. Standard. Issuing of new stock requires Level II/III and the filing of docs in the US whereas level 1 only requires the lodgement of copy of all ASX and ASIC docs in the US. So, they assist with liquidity but as advised in today's release, do not have access to new issues.
Emphasis on "...the Australian broker buys on market"!
re: Ann: Entellect's Recent Operational I... That is not...
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