Riles, There is a mechanism in place where Oz shares can be...

Riles,

There is a mechanism in place where Oz shares can be converted in UK Depository Interests.
It all happens electronically and somehow settles with CHESS system in Oz and the CREST system in the UK.

So, if there is a buyer in the UK of 10,000 shares at 47p (83c equivalent), I could instruct my Oz broker (who has a relationship with a UK broker) to sell 10,000 of my shares.

It all settles electronically.
So then there are 10,000 DI's held in UK and there will be 10,000 less shares in Australia.

Over time, we hope there is greater demand out of the UK and there will be a slow transfer of shares out of Oz into UK DI's.

Its a bit confusing but hope that makes sense.