Ann: Launch of American Depository Receipts, page-70

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Terroni2105

467 Posts.

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03/11/21

12:24

Post #: 57281648
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Originally posted by Fact Finder: ↑

Seems we are on the same page.

The only issue I have with ADR’s is they are anonymous in that until the number being held by the Bank of New York Mellon exceeds 5% which is a lot more than the initial 50 million we will have no idea as to how many shares have been removed from circulation on he ASX.

Stan will no doubt help out with Broker Data but this will not be definitive.

We need the BNYM to be holding more than about 85 million shares as the repository and then it has to file a substantial holder notice and thereafter every one percent movement has to be reported.

Until this occurs the ASX will be trading in the dark and something like Cathy Woods Ark could be accumulating in secret and we will not know even if the 5% is reached because it is BNYM that reports.

This means that an individual fund like Ark will only become known through watching their reports to heir investors.

It will if this approach succeeds come right in the wash but if like me you like to know it will be annoying.

Shareholders after a month or so might like to invite Brainchip to provide an update on how the take up of ADR’s is progressing. If enough ask we might get a response.

My opinion only DYOR
FF

AKIDA BALLISTA

Expand

there is also this section that at least allows the company to get the names of owners so if they are worried about anything they can do this.

https://www.streetinsider.com/SEC+Filings/Form++F-6++++++++Brainchip+Holdings+Limit+++++++++++++++Filed+by%3A+BANK+OF+NEW+YORK++ADR+DIVISION/19089946.html

BRN Price at posting: 47.8¢ Sentiment: Buy Disclosure: Held
13 Upvote

0 Great analysis

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