US listing, what happens then?, page-8

Razman, the big difference with "I think if they have a US listing it just be the same way as it is now with the OTC version, except now it will be on NASDAQ or NYSE instead of OTC" (which is the ADR option) is volume. The OTC volume is a joke compared to the ASX volume. The US funds are buying on the ASX because that's where the volume is. An OTC listing just doesn't cut it for many investors who won't touch OTC stocks, so the US volume is tiny and all the volume is on the ASX. This means that movements will almost always be driven by the ASX, since that's where the volume is. This means the volume won't be driven by all those investors who would buy, except they won't buy OTC and they won't trade internationally. And this also means even the funds who've bought will drive the market less because having to trade indirectly overnight means they can't react directly to any price movement which may drive their position. It all comes down to accessing the true volume tgats available in the US with a non-OTC listing. Beyond that, other options are about whether volume and valuations are even higher with other potential company structures and listings in the US.