Nasdaq - ASX dual listing - IMUUS depository bank buy IMU...

Nasdaq - ASX dual listing - IMU

US depository bank buy IMU shares- on/off ASX market and convert into ADR’s (see below). Ratio yet to be decidedbut to comply with minimum Nasdaq listing rules, must be minimum price of $1. Therefore,based on current ASX SP 10c ADR minimum ratio is 10:1.

However, PH (Perth gigearlier this year) did mention a much higher ratio and from memory could be up to50:1 = $5.00 per ADR.

In order to create ADRs fora foreign stock, an American bank must firstpurchase shares of that stock directly on the foreign exchange where it islisted. The bank thenholds these shares and issues ADRs in their place.

When an American bank createsADRs out of foreign shares, it may do so at a 1:1 ratio, meaning that each ADRshare is equivalent to one share of the foreign company’s stock. Alternatively,a bank can create ADRs that represent shares at different ratios like 2:1, 3:1,or 10:1, such that a single ADR share represents multiple shares of theunderlying company’s stock.

Subject to likely demand, US depositbank (possibly Bank of NY Mellon) purchase xxxx million shares and hold inreadiness of NASDAQ listing. They will no doubt assess likely demand based onknown interested parties ready to buy and ‘major announcement’ just prior tolisting?