Hi texas,
I believe Mr Haines has offered you an incorrect interpretation of the process.
To establish Prima's ADRs, BNY Mellon will arrange to buy the shares on the Australian market and issue the ADRs on the Nasdaq.
Two banks are generally involved in maintaining an ADR on a US exchange. An investment bank and a depositary bank.
The investment bank purchases the foreign shares and offers them for sale in the US. The depositary bank handles the issuance and cancellation of ADRs certificates backed by ordinary shares based on investor orders.
what prima told me today, page-31
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