re: radrs - who owns the rights? Keith, interesting...

re: radrs - who owns the rights? Keith, interesting question.

Firstly the transaction goes something like this. The US buyer approaches their stockbroker who then approaches one of the US market makers, also a US broker. The market maker then quotes a price and if acceptable to the buyer the deal proceeds either by trading the existing pool of RDF ADRs already established in the US or if none available the market maker approaches the Bank of New York (the ADR issuer) for a 'fresh' ADR.
BNY then instructs its Australian agent, in this case the ANZ Bank, to purchase the underlying quantity of stock on the ASX and hold that stock in escrow for them (BNY) BNY then issues the 'fresh' ADR.

As for voting rights I got this off Google:-

"Do I have voting rights through my ADRs?

As an ADR holder on the record date, you will have the sole right to vote the equivalent number of underlying shares as represented by your ADR holdings. You will receive your proxy card and other relevant documents through your usual financial intermediary. "