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Overnight Market report, page-42

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    BNY Mellon are just the proxy for the US investors. They own on the ASX on behalf of the us investor who hold ADRs in the US. They just buy and sell on behalf of US investors and ensure other ADRs are 100% backed by the equivalent ASX shareholding. Their shareholding should not be considered their opinion on the stock, but is just a function of what percentage of shareholders are holding on the us market.

 
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