Frankfurt, page-12

Tangible, I don't know the specific answer, but from what I've gleaned the broker has a bit of flexibility. I've seen days when the Frankfurt trades are in the preopen, and I've seen days where they aren't.

You also highlight a question I asked initially, "What happens when there is a material announcement released and the price on the ASX gaps up". Then the trades would either have to go through at a higher price, or be unwound. The only time I can see that happening is if there was an excess of volume in Frankfurt due to a leaky ship, and a ton of orders floods in before a release on the ASX. I would see it as unlikely though, given that the release would usually made to the ASX, who would have a whole trading day to digest it prior to Frankfurt getting a go. There is the potential for the situation you describe, if KNL were to release a massive announcement after the close of our (ASX) market, but before Frankfurt opens, but I'm sure they are aware of that potential, and wouldn't cause themselves grief by doing so.

It's important to remember, that unlike a true dual listed company (like BHP or RIO), there are not separate shares on each exchange for KNL. KNL only has the one share register, and anything bought by a new Frankfurt investor has to take out an Australian seller (until there is a critical mass of Frankfurt held shares). This is why I'm excited about ThyssenKrupp and Germany in general. Once momentum builds as we go further down the development path, if there are any serious buyers who buy up in Frankfurt and hold them, they will be taking shares out of the market in Oz. At the moment, it's inconsequential, but over the next year or so, it's going to start playing a bigger part.