oh the enthusiasm, page-10

dossantd

re Nasdaq share ratios

these items were posted a while ago last year on PRR forum.

backtracked but couldn't go that far.

The Nasdaq shares that will be available for the US investor have been purchased / are being purchased by the Bank NY / Mellons and National securies Group in the US. They are the marketmakers and will ' sell ' them on the Nasdaq.

No new PRR shares will be available ... other than what is already on the ASX and the options.
( at this stage of the proceedings )

They then have to ' bundle ' up the shares in what we believe to be parcels of 30 shares ( ASX ) to be sold as 1 share in the US. - because the minimum issue price for Nasdaq ADR2 listing is $4 per share.

As a side note, interestingly at today's PRR share prices ( say 24c ) they could effectively offer US Nasdaq PBMD shares in bundles of 16 - 17 units of PRR:ASX shares ( $4 / 24c = 16 units ) to meet the listing requirement of $4.
This would make the shares appear ' cheaper' for the US investor but its all a matter of semantics to PRR.

At today's close ( say 24c for the ease of maths and $1 USD = $ 1 AUD ) they would be issued in the US at $7.20 each ( 30 x 24c ) ( or 30 x $0.24 !!! )

I remember doing these calculations when PRR was 9.8 c ( $0.098 ) and every body was worried that the share price was too low to list and we would not have a sufficient market cap to list on the Nasdaq.

and that wasn't very long ago - Mid Nov 2010 ?

Oh how things have changed - in retrospectively looking back ... very quickly.

... and we've only just started.